Ethereum net taker volume turns positive, first time since 2023

ETH derivatives flow flips to net buying. A rare on-chain signal points to a possible bullish turn, while US spot ETFs keep seeing outflows.

Pseudonymous analyst Darkfost reported a “regime shift” on April 4: Net Taker Volume for Ethereum turned positive for the first time since the last bear phase.

CryptoQuant data cited in the post shows buyers now dominate ETH derivatives by over $104 million, the first positive print in three years according to Darkfost.

“If this dynamic persists and the spot market and ETFs begin to support the move, Ethereum could potentially restart a positive trend,” the analyst wrote in the same thread.

US spot ETH ETFs recorded a third straight week of net outflows. Weekly redemptions totaled $42.15 million, with $71.12 million leaving on Thursday, April 3 per SoSoValue.

Net Taker Volume tracks the balance of market-order buys versus sells in derivatives. A positive reading signals buyers in control as outlined here.