Ethereum derivatives just printed a rare reversal. Net taker volume turned positive for the first time since 2022, reaching $102 million, signaling that buy orders finally overwhelmed sell orders after months of negative readings.
Sellers ruled for months: from $4,000 to all-time highs
Throughout the current cycle, ETH derivatives consistently reflected dominant sell-side activity. When ETH touched $4,000 in December 2024, net taker volume sank to -$511 million. Near the all-time high just below $5,000, the figure deepened to -$568 million — the strongest seller pressure on record.
Earlier in April, a single session saw more than $1 billion in ETH derivative sell volume, triggered by global risk-off shocks that hit all risk assets. The prevailing sentiment in ETH derivatives at that time was heavily negative.
Buyers strike back: what the $102M flip means
The shift to +$102 million marks the highest buy-side reading since 2022. Back then, ETH traded around $1,000 amid a pronounced bear market — and those who bought at those levels often entered early ahead of major recoveries.
Derivatives analyst Darkfost_Coc noted on X: “If buyers continue to absorb selling pressure, it could mark the early stages of a stronger structural recovery for Ethereum.” Net taker volume measures the difference between aggressive buy and sell orders on derivatives exchanges. A positive reading means traders are pushing in more buy orders, often hinting at a sentiment pivot.
Market structure hints: Bitcoin dominance may be topping
Meanwhile, the ETH/BTC pair is consolidating, and Bitcoin dominance appears to have formed a lower high. Research suggests capital could be rotating from BTC to ETH, and derivatives positioning now offers fresh evidence for that scenario.
Long-term participants recall that the last time buy-side dominance appeared at this scale, ETH prices were much lower. That $102 million net buy volume at current valuations naturally draws attention. Still, one positive reading does not confirm a trend shift — traders are watching closely to see whether the buying momentum can hold or prove short-lived.