Ethereum Derivatives Shift to Sell as US Sentiment Weakens

Ethereum's (ETH) derivatives interest has flipped towards selling, as reflected in the Taker Buy Sell Ratio and Net Taker Volume metrics. The ratio measures buying volume against selling volume in perpetual futures, with negative values indicating dominant selling pressure.

According to CryptoQuant data, the 7-day moving average of the Taker Buy Sell Ratio has been trending lower in negative territory over the past week. Similarly, the Net Taker Volume metric remains positive but has eased significantly over the same period.

The weakening derivatives interest is accompanied by a decline in US sentiment, as measured by the Coinbase Premium Index and spot ETH Exchange-Traded Funds (ETFs) inflows. The index turned negative this week after briefly flipping positive last week, suggesting buying pressure from US investors has contracted compared to previous weeks.