CryptoOnchain said in its latest report on Oct. 16 that Ethereum’s market structure has improved after a leverage washout on Binance, but there is still no clear bullish catalyst.
According to the report, ETH was trading near $2,439, down 6.5% over the past seven days and 5.2% over the past 30 days. Its overall on-chain score was around zero, which the report described as neutral.
Binance leverage conditions have become healthier
CryptoOnchain said the more constructive signals are coming from Binance’s leverage and supply-side data. Binance open interest fell 4.7% over the past 30 days to about $6.1 billion. Long liquidations rose 47%, a sign that fragile leverage is being flushed out. Funding rates were also close to zero.
At the same time, Binance ETH reserves fell 2.4%, leaving the exchange with a relatively low share of supply and pointing to lighter sell pressure. The staking ratio reached 36.1%, placing it in the 98.6th percentile, which the report also counted as a positive factor.
Fresh buying power and network activity remain weak
The report also laid out the weaker side of the picture. Binance USDT reserves fell 2.3%, while stablecoin net outflows reached about $175 million, suggesting insufficient fresh capital for new buying.
On the demand side, the Coinbase premium was -0.11, which the report said reflected soft institutional demand. Network activity also weakened, with transaction count down 4% and burn fees down 58%.
What CryptoOnchain is watching next
CryptoOnchain concluded that Binance leverage has largely been cleared and the market structure now looks healthier than before, but a bullish trigger has yet to emerge. The report added that Ethereum’s outlook could turn bullish if USDT flows back to Binance and the Coinbase premium moves back above zero.