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Ethereum’s taker buy/sell ratio has reached 1.11, indicating that market buy orders are outpacing sell orders. CryptoQuant contributor Arab Chain analyzed that if this ratio remains stably above 1 and is accompanied by rising trading volume and price appreciation, upward momentum could strengthen. However, the ratio has recently been oscillating above and below the 1 threshold, making it premature to confirm a definitive trend reversal. Meanwhile, broader market signals point to returning participants: surging open interest in Bitcoin and Ethereum, increased whale inflows to exchanges, and altcoin deposit transactions expanding 2-3x. That said, the rapid buildup of leverage also raises the potential for heightened volatility.
Key Elements
Ethereum (ETH) is showing signs of buy-side dominance as market buy orders outpace sell orders. However, with the metric recently oscillating around the baseline, analysts suggest that whether buying pressure holds steady over the coming days will be the key variable determining short-term direction.
On the 7th (local time), CryptoQuant contributor Arab Chain reported that analysis of Binance data shows Ethereum’s Taker Buy/Sell Ratio at approximately 1.11. At the time of analysis, Ethereum was trading near $2,400 (approximately 3.2 million won).
The Taker Buy/Sell Ratio measures the relative strength of market buy orders versus market sell orders. A reading above 1 indicates that orders actively buying at market price outnumber sell orders, and the current 1.11 level is interpreted as a signal that buying pressure holds a short-term advantage.
The contributor assessed that whether this ratio remains above 1 will be the pivotal factor for Ethereum’s short-term trajectory. If buy-side dominance persists alongside rising trading volume and price appreciation, upward momentum could strengthen further. Conversely, if the ratio repeatedly falls below 1, selling pressure could reassert itself and weaken buying momentum.
That said, it remains difficult to confirm that a clear uptrend has been established. The taker buy/sell ratio has recently fluctuated between readings above 1.10 and dips back below 1, reflecting an ongoing tug-of-war between buyers and sellers. Whether the ratio stabilizes above 1 and translates into actual volume and price gains will be the critical test for Ethereum’s further upside.
Broader Signs of Returning Market Participants
The improvement in Ethereum’s taker ratio aligns with a broader return of participants across the cryptocurrency market. Bitcoin surged significantly from late August, briefly breaking above $80,000 (approximately 110 million won) in September. During that run, open interest in both Bitcoin and Ethereum expanded sharply, and exchange transfers by large investors known as “whales” also increased.
Notably, Binance served as the central venue where new derivatives positions accumulated during this rally. Between September 3 and 4, when Bitcoin’s price spiked, Binance’s 24-hour change in open interest far exceeded that of other exchanges. For Ethereum as well, as the price climbed above $2,500 (approximately 3.4 million won), increases in open interest were confirmed primarily on Binance, along with Gate.io, Bybit, and OKX.
However, when prices plunged from highs, the change in open interest quickly turned negative. Price gains and leverage buildup, followed by price declines and position liquidations, occurred in rapid succession over a short period. This is both a positive signal that participants are returning to the market and an indication that part of this rally may have been amplified by leverage.
Whale and Altcoin Activity
Whale inflows to exchanges also increased noticeably. From mid-August, as Bitcoin rallied rapidly from around $64,000 (approximately 86 million won), large investor transfers to exchanges rose markedly. While inflows to Binance stood out, large deposits were also confirmed on Coinbase, OKX, and Bybit, indicating the phenomenon was not limited to a single exchange.
Traditionally, large transfers to exchanges have been interpreted as selling pressure, but this time the activity likely served multiple purposes simultaneously—derivatives margin, market making, arbitrage, and portfolio rebalancing. The fact that whale exchange inflows and derivatives market activity expanded concurrently lends weight to the interpretation that large investors are once again actively engaging with the market, rather than simply selling.
Altcoin market trading activity also showed signs of recovery. According to CryptoQuant data, altcoin exchange deposit transactions increased 2-3x, from roughly 15,000–20,000 on a 7-day cumulative basis at the August low to approximately 45,000 recently. The increase was most pronounced on Binance, with similar trends observed on Coinbase, OKX, and Bybit.
In the early stages of a bull market, Bitcoin tends to rise first, followed by a spread of risk appetite to Ethereum and then altcoins. Current data is consistent with that early-stage pattern. However, some caution that increased altcoin exchange inflows do not necessarily indicate buying—they may include profit-taking or rotational selling between assets—so actual trading volume and price action should be monitored going forward.
The changes currently observable in the market are best characterized not as a definitive signal that “a bull market has fully begun,” but rather as the early stages of participant return that typically precede a bull market transition. Whether open interest in Bitcoin and Ethereum, whale exchange flows, spot trading volume, and capital rotation into altcoins continue to strengthen will serve as important benchmarks for assessing the market’s next phase.
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Source: finance.biggo.com