Ethereum ETF Demand Fails to Overcome Derivatives Selling Pressure

Ethereum has been holding steady near $2.5K despite intense derivatives selling pressure and unusually heavy sell volume on Binance.

The cryptocurrency's spot ETFs have recorded net inflows every trading day since August 12, with a total of over $1.5B in the past 12 sessions, according to Arkham analytics platform.

This surge in demand has helped keep Ethereum close to its current price despite aggressive sell volume, which was about 23% higher than taker buy volume on Binance's derivatives markets.

Data from CryptoQuant shows that the Ethereum taker buy/sell ratio on Binance fell to 0.81, one of the most extreme readings in the metric's history, according to crypto analyst Moreno.