Ethereum Derivatives Flow Suggests Market Structure Shift

The derivatives market for Ethereum on Binance is undergoing significant changes, which could signal a shift in the market's underlying dynamics. As per CryptoQuant contributor Darkforest, the taker buy/sell ratio on the platform has improved, indicating a potential change in market structure.

Darkforest highlighted that the derivatives market plays a crucial role in price discovery and is estimated to have a volume of around $65 billion. The improvement in the taker buy/sell ratio suggests that buyer dominance is increasing, which could lead to a reversal in Ethereum's spot chart.

The current setup is notable as it separates from ETH's price action, which remains in a corrective phase. However, daily spikes above 1.12 have been observed on Binance, indicating episodes of aggressive market buying.