The change in the flow of Ethereum derivatives on Binance is starting to indicate a possible change in market structure, even though ETH itself remains in a corrective phase. According to CryptoQuant contributor Darkfost, Taker’s bid and ask ratio no longer shows the same constant aggression from the sell side that dominated when the asset reached a recent all-time high.

Shadowy Fost argues that the indicator provides a useful assessment of who is exerting greater pressure in the futures market. “This indicator is effective in assessing the directional dominance between market buy and sell orders executed on futures contracts. A ratio above 1 indicates buyer dominance, while a ratio below 1 suggests that selling aggressiveness dominates transaction flows.”

Ethereum is showing a fresh bullish turn

This distinction has been significant as Ethereum approaches record highs. Darkfost said that during this period, selling pressure in the futures market intensified at the same time, keeping the ratio consistently below the balance level of 1. On Binance, the monthly taker buy sell rate dropped to 0.95, while the weekly average dropped further to 0.92, indicating a market where aggressive sellers controlled the flow.

The background is significant because derivatives are currently at the center of cryptocurrency price formation. Darkfost noted that the derivatives market generates nearly $65 billion in volume and plays a leading role in price discovery, making order flow analysis increasingly significant for reading the market beneath major price action. In this context, the ratio remaining below 1 was more than a minor technicality; this suggested that continued selling pressure from futures contracts was eroding favorable conditions.

What makes the current setup more compelling is that flow data started to improve before any obvious reversal in the Ethereum scatter chart. “On Binance, the weekly ratio has been hovering around the neutral threshold for the past two weeks. This change is particularly noticeable as it deviates from ETH’s price action, which remains in a corrective phase. There have even been daily spikes above 1.12, reflecting episodes of aggressive buying in the market.”

This discrepancy is the essence of the thesis. While ETH has yet to fully reflect this in its price, the behavior of takers in the futures market is no longer uniformly defensive. The monthly average also started to improve, returning to around 0.99. We are still close to clear buyer dominance, but this represents a significant improvement compared to the previous period of readings below 1.

Darkfost is on the verge of announcing a confirmed reversal. “While this setup still requires confirmation, it represents a constructive signal. A sustained move above 1 would signal a shift towards buyer dominance, potentially supporting more favorable market dynamics for ETH in the short to medium term.”

For now, the signal does not so much signal the end of the correction as identify a change in pressure. If this ratio remains near neutral and then significantly exceeds 1, it will suggest that the price discovery driving the market is starting to lean toward buyers.

At the time of publication, the price of ETH was $2,028.