CryptoOnchain says Ethereum looks healthier after Binance leverage washout, but lacks a bullish trigger

CryptoOnchain said in its latest report that Ethereum’s market structure has improved after a leverage washout on Binance, though the setup still lacks a clear bullish catalyst. ETH was trading near $2,439 at the time of the report, down 6.5% over seven days and 5.2% over 30 days, with the overall on-chain score sitting around zero, or neutral. The report pointed to several constructive signals on Binance. Open interest fell 4.7% over the past 30 days to about $6.1 billion, long liquidations rose 47%, and funding rates moved close to zero, suggesting fragile leverage has been flushed out. Binance’s ETH reserves also fell 2.4%, indicating lighter potential sell pressure, while the staking ratio reached 36.1%, in the 98.6th percentile. Still, CryptoOnchain said headwinds remain. Binance USDT reserves dropped 2.3%, stablecoin net outflows totaled about $175 million, Coinbase premium stood at -0.11, transaction count fell 4%, and burn fees dropped 58%. The report concluded that Binance leverage has largely been cleared, but Ethereum still needs fresh inflows and stronger demand signals before the outlook can turn bullish.