Ethereum buying pressure surged, as Binance derivatives data reached a multi-year high. CryptoQuant reported the 50-day SMA of the taker buy/sell ratio at 1.018.
This marks the highest level since early 2023 and signals sustained buyer dominance. According to CryptoOnchain, a ratio above 1 reflects aggressive market buying activity. This may indicate a shift in sentiment based on derivatives data trends.
The taker buy/sell ratio is used to measure the degree of aggression present in the Ethereum derivatives markets. The use of a 50-day moving average helps remove the impact of short-term fluctuations, allowing analysts to better understand long-term trends in demand.
Therefore, it can be inferred that the Ethereum buying pressure has maintained a high level over time. Data from CryptoQuant indicates growing confidence among Ethereum traders.
CryptoQuant data also illustrates that as confidence grows among Ethereum market participants, so does the trend of accumulation across all exchanges.
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Data from CoinGlass illustrates increasing participation levels of traders for futures trading and spot trading, as well as buying demand. CoinGlass reports that futures trading volume reached approximately $55.98 billion within the last 24 hours.
At the same time, spot trading volume was about $3.12 billion. This difference between spot and futures trading demonstrates the significant amount of derivative-driven trading activity occurring throughout the market.
Additionally, open interest increased by 1.88%, reaching approximately $31.79 billion. An increase in open interest is indicative of new positions being established.
However, an increase of 1.88% indicates relatively modest increases in leverage usage. This supports bullish expectations without creating overheated market conditions.
These conditions suggest increasing participation levels in derivatives markets involving major exchanges, which corresponds to the ongoing growth in Ethereum buying pressure.
CoinGlass funding rate data reveals a neutral to slightly negative positioning bias for Ethereum. With a current average funding rate of -0.0005%, it appears traders do not feel compelled to take an overly aggressive long position
This diminishes the possibility of crowded long positions developing in the market. Funding rates ranged from 0.0146% on dYdX, indicating localized bullish activity, to -0.0115% on KuCoin during the same timeframe.
The overall funding spread of 0.0261% indicated divergent positioning across exchanges. Although the Ethereum buying pressure has grown, funding rates remain close to neutral across most exchanges.
Therefore, funding rate data support a balanced market structure.
Analyst Amr Taha identified that a short-term leverage reset occurred across derivatives exchanges. This resulted in declining open interest on both April 18th and April 20th.
Declining open interest resulted from Binance experiencing an approximate $205 million decrease and Gate.io experiencing a much larger decrease of around $840 million.
During this reset period, the Ethereum funding rates were primarily neutral. However, funding rates turned negative on Binance to approximately -0.0045%.
This indicates that long liquidations and position unwinds contributed to the decline in open interest rather than aggressive selling pressure. Price remains stable despite reductions in leveraged positions. CoinMarketCap reported Ethereum traded near $2,324 as of April 20, 2026.
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