Ethereum has traded near the $2,000 mark for almost a month, with little technical clarity on a sustained recovery. Still, fresh on-chain signals suggest the derivatives market may be shifting in favor of buyers, a development that could mark the start of a constructive phase for the asset.
On April 4, pseudonymous analyst Darkfost posted on X that Ethereum’s derivatives market is showing a regime change not seen since the last bear cycle. The observation centers on Net Taker Volume, an on-chain metric that measures the difference between aggressive market buys (taker buys) and aggressive market sells (taker sells). A rising, positive Net Taker Volume means taker buy volume exceeds sell volume; a negative reading implies selling pressure dominates.
Data from CryptoQuant highlighted by the analyst indicate buyer volume currently outpaces seller volume by more than $104 million — the first time the metric has moved into positive territory in roughly three years. Darkfost noted that Ethereum has faced heavy selling pressure even during past rallies, but sustained positive taker flows could help establish a stronger bottom and the building blocks of a bullish structure. If that dynamic continues and the spot market and ETFs begin to support the move, Ethereum could potentially restart a positive trend.
That said, capital flows into spot ETH ETFs remain a headwind. US-based spot Ethereum exchange-traded funds posted their third consecutive week of net outflows, with roughly $42.15 million withdrawn over the past week. Broader crypto-linked investment products recorded a total net outflow of more than $71.12 million on April 3, pointing to cooling investor demand. A reversal in ETF flows would likely be an important complementary factor for any durable price recovery.
At the time of reporting, ETH traded around $2,058, up about 0.6% over the prior 24 hours. The positive Net Taker Volume is an encouraging on-chain signal, but ETF flows and spot-market participation will likely play a key role in determining whether this signal develops into a sustained uptrend.