Ethereum Derivatives Market Sees Rare Net Buying for First Time Since 2023 Bear Market
BlockBeats News, April 4th, according to Cryptoquant analyst Darkfost, a significant market structure shift has occurred in the current Ethereum derivatives market, the first time since the 2023 bear market.
Darkfost pointed out that although most of the time since 2023 has been negative, ETH's net trading volume has now turned positive. (Note: Net trading volume is used to assess whether buying pressure or selling pressure dominates the derivative order book.) Currently, this indicator shows that buying pressure is dominant, with a buying volume of $104 million.
It is worth noting that even during a previous period when the Ethereum price was close to a new high, this indicator showed that selling pressure was still very strong, but now this situation appears to be changing.
Darkfost believes that due to the positive buying pressure Ethereum is facing, this may help form a stronger bottom. If this momentum continues, with the spot market and ETFs beginning to support this trend, Ethereum may be poised to resume its upward momentum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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