Ethereum derivatives show strongest buy pressure since 2022 bear market

ETH derivatives flip to strongest buy-side since 2022, says CryptoQuant

Buyers just took control in ETH derivatives. CryptoQuant analyst Darkfost reports the firmest buy-side pressure since 2022 after a months-long sell-side regime on major exchanges.

He tracks net taker volume. It stayed “almost consistently negative” this cycle, signaling market-order sellers outweighed buyers on X.

The stress peaked near highs. In Dec 2024, as ETH tried to clear $4,000, net taker volume dropped to -$511 million. It worsened when ETH printed its ATH just below $5,000, at -$568 million source.

Since March, that flipped. “Buy-side volumes have finally taken control,” Darkfost wrote, citing +$102 million “today,” the strongest since the 2022 bear when ETH traded near $1,000 source.

Why it matters. Positive net taker flow means aggressive buyers are lifting offers, not waiting for dips. That helps upside attempts translate into cleaner breakouts, unlike prior months when derivatives sellers capped rallies context. Spot accumulation or bullish sentiment alone did not offset that context.

Caveat remains. “If this trend manages to persist and buyers continue to absorb selling pressure, it could mark the early stages of a stronger structural recovery,” Darkfost added source.

• Metric: net taker volume on derivatives exchanges source
• Sell-side extremes: -$511m in Dec 2024; -$568m at ATH source
• Current shift: +$102m buy-side, strongest since 2022 source