Ethereum Flashes Bullish Signal Not Seen Since 2022 on Binance Futures

Ethereum’s (ETH) Taker Buy-Sell Ratio on Binance is flashing a signal not seen in nearly three years. The monthly average has climbed to around 1.016 and has held above 1 for several consecutive days.

The shift suggests that market-buy orders are outpacing sells on Binance’s ETH perpetual contracts, a signal CryptoQuant analyst Darkfost flagged as “early stages of a more constructive trend.”

Why Derivatives Data Matters More For ETH

For context, the Taker Buy Sell Ratio tracks the balance between market buy and sell volumes on perpetual contracts. A reading above 1 means aggressive buyers are outpacing sellers.

What stands out now is the monthly average holding above 1 for multiple consecutive days.

“This reflects a progressive return of buyer dominance on perpetual markets, suggesting the early stages of a more constructive trend,” the analyst said. “This therefore marks a constructive development for Ethereum, not seen since 2023.”

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The signal carries added weight because futures activity on Binance now dwarfs spot trading. The exchange’s spot-to-futures volume ratio recently fell to 0.13, meaning roughly $7 in futures changes hands for every $1 in actual ETH buying.

That imbalance makes derivatives positioning the primary driver of short-term price action. Moreover, Binance accounts for approximately 37% of global ETH open interest. According to the analyst, this dominance makes it a key venue for assessing derivatives positioning.

Notably, the ratio’s move above 1 has been incremental rather than sudden. The analyst considers this pattern healthier than a sharp spike, which tends to create overleveraged positioning and trigger cascading liquidations.

The development comes despite ongoing macroeconomic and geopolitical uncertainty, suggesting early-stage structural improvement in ETH sentiment. However, the derivatives-heavy market structure still poses risks. A futures-led rally without matching spot demand could amplify volatility if positions unwind quickly.

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