Ethereum Weakness Spreads as Derivatives Interest Turns Bearish

Ethereum (ETH) is showing mild weakness as derivatives interest and US sentiment turn bearish. The Taker Buy Sell Ratio, a measure of buying and selling pressure in perpetual futures, has been trending lower in negative territory over the past week. This suggests dominant selling pressure.

The Net Taker Volume, which measures the difference between buying and selling volume in perpetual futures trades executed with market orders, remains positive but has eased significantly over the past week. Derivatives interest is tilting toward the downside, while US sentiment is also weakening.

US spot ETH Exchange-Traded Funds (ETFs) recorded $48 million in net outflows on Wednesday, breaking a 12-day positive streak. Ethereum has seen $55.9 million in liquidations over the past 24 hours, with $35.7 million in long liquidations.