ETH Weakness Spreads as Derivatives Interest Turns Against It
Ethereum (ETH) is showing mild weakness as derivatives interest and US sentiment turn against it.
The Taker Buy Sell Ratio, which measures the proportion of immediate buying volume against selling volume in perpetual futures, has been trending lower in negative territory over the past week. This indicates dominant selling pressure.
US sentiment is also weakening, with the Coinbase Premium Index turning negative this week after briefly going positive last week. The index measures buying pressure from US investors and suggests that their enthusiasm for ETH has contracted compared to previous weeks.
Ethereum's spot ETFs recorded $48 million in net outflows on Wednesday, breaking a 12-day positive streak.
The total liquidations of Ethereum over the past 24 hours reached $55.9 million, with long liquidations leading at $35.7 million.