In a notable development in the cryptocurrency markets, the Ethereum derivatives market recorded its first net inflow after a long hiatus.
Darkfost, an analyst at the analytics platform CryptoQuant, pointed out that this is the first significant structural change observed since the 2023 bear market.
According to data shared by Darkforth, net trading volume in the Ethereum derivatives market, which had been predominantly negative throughout the year, has turned positive again. Net trading volume is a key indicator showing which direction buying or selling pressure is concentrated in the derivatives order book. Current data reveals that buyers have become dominant in the market, with approximately $104 million in buy orders.
The analyst also pointed out another noteworthy detail: even when Ethereum’s price approached peak levels, this indicator signaled strong selling pressure, but in the current situation, this dynamic is beginning to reverse. This change is being interpreted as a harbinger of a broader transformation in the market structure.
According to Darkforth, increasing buying pressure in the derivatives market could pave the way for a more solid bottom for Ethereum. If this trend continues and is supported by the spot market and ETFs, Ethereum could potentially re-enter an uptrend.
*This is not investment advice.