BlockBeats message, April 4, according to Cryptoquant analyst Darkfost: the current Ethereum derivatives are showing a massive market structure shift, the first since the 2023 bear market.
Darkfost noted that although for most of the time since 2023 it has been negative, ETH’s net trading volume has now turned positive. (Note: net trading volume is used to assess whether buy-side pressure or sell-side pressure dominates in the derivatives order book.) At present, this metric shows buy-side pressure is dominant, with buy-side volume of $104 million.
It is worth noting that even during the period when the Ethereum price was approaching new highs previously, this metric showed that sell-side pressure was still very strong, but now this situation appears to be changing.
Darkfost believes that because Ethereum is facing positive buy-side pressure, this may help form a stronger bottom. If this dynamic continues, the spot market and ETFs may begin to support this trend, and Ethereum could potentially restart its uptrend.
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