A shift in Ethereum’s derivatives flow on Binance is starting to hint at a possible change in market structure, even as ETH itself remains in a corrective phase. According to CryptoQuant contributor Darkfost, the Taker Buy Sell Ratio is no longer flashing the same persistent sell-side aggression that dominated as the asset pushed toward a new all-time high.
Ethereum Shows Fresh Bullish ShiftThat distinction mattered during Ethereum’s run toward record levels. In that period, Darkfost said, selling pressure in the futures market intensified at the same time, keeping the ratio consistently below its equilibrium level of 1. On Binance, the monthly Taker Buy Sell Ratio fell to 0.95, while the weekly average dropped even further to 0.92, pointing to a market where aggressive sellers were controlling the flow.
That divergence is the core of the thesis. While ETH has yet to fully reflect it in price, the behavior of takers in the futures market is no longer uniformly defensive. The monthly average has also started to recover, climbing back to around 0.99. That still falls just short of clear buyer dominance, but it marks a meaningful improvement from the earlier stretch of sub-1 readings.
For now, the signal is less about declaring the correction over than about identifying a change in pressure. If the ratio can hold near neutral and then push decisively above 1, it would suggest that the market driving price discovery is beginning to lean back toward buyers.
At press time, ETH traded at $2,028.
