Bitaigen Research Ethereum Derivatives Show Strongest Net Buying Since 2022 Bear Market
On April 18, CryptoQuant analyst Darkfost highlighted a shift in Ethereum’s derivatives market dynamics, noting that net taker volume turned positive for the first time since the 2022 downturn. Net taker volume, which tracks the imbalance between buy and sell orders on futures and options platforms, moved from a sustained negative average of –12,000 contracts in the previous 30 days to a net inflow of +4,300 contracts on April 17, according to data aggregated from CME, Binance and Bybit.
The uptick coincides with a broader rally in institutional crypto exposure. The SEC‑approved Grayscale Ethereum Trust (ETHE) saw a net inflow of $210 million in the week ending April 15, while the newly launched ProShares Ethereum Strategy ETF (ETF‑ETH) recorded $85 million in first‑week subscriptions, according to Bloomberg data. European asset managers collectively added €120 million to crypto‑linked funds during the same period, according to Refinitiv.
Federal Reserve policy may be influencing risk appetite across asset classes. The Fed’s target range of 5.25 %–5.50 % held steady after the March 20 meeting, keeping borrowing costs elevated and prompting investors to seek higher‑yielding alternatives. A recent JPMorgan research note linked the Fed’s rate stance to a 2.3 % increase in crypto‑related fund inflows between February and April.
Technical upgrades on the Ethereum network also provide a backdrop for the renewed buying pressure. The Shanghai upgrade, completed in April 2023, enabled full ETH withdrawals from the Beacon Chain, while the upcoming Dencun upgrade, slated for Q4 2024, promises improvements to data availability and transaction throughput. Staked ETH balances have risen to 19.4 million ETH, representing roughly 23 % of total supply, according to the Ethereum Foundation’s latest report.
Despite the positive swing, Darkfost cautioned that a single week of net buying does not guarantee a sustained trend reversal. Historical patterns show that periods of heavy sell pressure on derivatives have often preceded price corrections. Market participants will be watching whether the current inflow sustains through the next earnings season and upcoming Fed commentary.
Ethereum was quoted near $1,800 on Thursday’s close.
⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
