Ethereum Flashes Bullish Signal Not Seen Since 2022 on Binance Futures

ETH Taker Buy Sell Ratio.

The signal carries added weight because futures activity on Binance now dwarfs spot trading. The exchanges 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 ratios 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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