Ethereum’s derivatives market has shown a significant shift, with net taker volume turning positive for the first sustained period since the previous bear market. This indicates over $104 million in net buying pressure, potentially signaling a transition from selling to accumulation. However, this bullish derivatives signal conflicts with continued weak spot demand, as Ethereum ETFs recorded a daily net outflow of over $71 million, leaving the asset’s near-term direction uncertain.
Ethereum derivatives turned positive as Net Taker Volume flipped above zero. This marks the first sustained buying dominance since the previous bear market. Data shared by Darkfost shows over $104 million in net buying pressure.
The shift may indicate traders are transitioning from distribution to accumulation. Such large amounts of capital going into Ether may indicate that traders are beginning to transition from distributing to accumulating the coin.
Net Taker Volume is a measure used to determine which side of the aggressive market order ledger dominates. When Net Taker Volume turns positive, it means there is increasing buying pressure across the crypto’s derivative markets.
Since 2023, through most of 2024, there has been persistent selling pressure regarding Ethereum derivatives. This trend reversed in mid-April 2026, representing a structural shift in price analysis indicators.
For nearly five years now, Ethereum has traded within a range between $1,500 and $4,100. According to Crypto Patel’s research, a similar consolidation pattern occurred from 2018 to 2020.
That period concluded with a powerful breakout in the wider crypto market. The current Ethereum derivatives shift gives additional support that a similar structure exists.
Although the derivatives data have shown improvement, the spot demand for Ethereum continues to be relatively weak. Data by SoSoValue shows Ethereum ETFs experienced a daily net outflow of more than $71 million on April 2nd.
ETF outflows reflect reduced institutional demand in the short term. The difference in how these metrics are trending creates mixed signals regarding the direction for Ethereum price analysis.
