Ethereum finds a positive signal on derivatives despite ETFs under pressure

While the crypto market remains hesitant, Ethereum is sending an unexpected signal behind the scenes. Behind a phase of apparent stagnation, certain indicators show an evolution in investor behavior. While institutional flows slow, the derivatives market reveals a different dynamic. This discrepancy raises a central question: is the queen of altcoins preparing a discreet reversal?

Ethereum Derivatives Confirm Market Reversal

First, analysis of Ethereum on-chain data reveals a gradual shift in the derivatives market. While selling pressure has dominated for several months, buyers are now regaining the advantage. This change is mainly based on the evolution of Net Taker Volume, a key indicator to measure the dominance of buyers or sellers on Ethereum derivative products.

According to the data relayed by the Darkfost analystthe net buyer volume on Ethereum becomes positive again, confirming a return of buying pressure on derivatives, a rare signal that attracts attention after the bearish phase.

• Net Taker Volume Exceeds Buyer Surplus of $104 Million;
• The price of Ethereum has been moving around $2,058 for 1 month, with an increase of 0.6% over 24 hours;
• Buyer dominance appears for the first time in 3 years, marking a change in regime for derivatives;
• The market is beginning a gradual transition towards a more constructive dynamic.

Thus, these signals reflect a gradual evolution, where positions are readjusted without precise validation from the spot market.

ETFs under pressure: persistent capital outflows

At the same time, Ethereum ETFs continue to send an opposite signal. U.S.-based exchange-traded funds record outflows for the third consecutive week.

Last week, these products suffered more than $42 million in withdrawals. Furthermore, a single day concentrated more than $71 million in outflows across all crypto products.

Thus, this trend reflects a decline in the appetite of institutional investors. It contrasts directly with the renewed activity observed on Ethereum derivatives. Additionally, this divergence between derivatives and the spot market creates uncertainty about the strength of the current signal.

Positive signal but still fragile balance for Ethereum

Despite the pressure from ETFs, the derivatives market is showing signs of change. This return of buying pressure could help stabilize the price and form a floor.

Indeed, lasting dominance of buyers in derivatives may precede a broader market recovery. However, this scenario will strongly depend on the behavior of investors on the spot market.

Furthermore, Ethereum is currently evolving in a phase of balance between positive signals and external pressures. On the one hand, derivatives indicate renewed interest. On the other hand, ETFs continue to weigh on overall sentiment.

So, if ETF flows reverse and support this dynamic, Ethereum could return to a more favorable structure. Conversely, a lack of confirmation would limit the impact of this signal. However, the next few weeks will remain decisive. In the absence of support from the spot market, this recovery could remain limited, in a context marked by the rise of staking on ETH.