The number of Ethereum-based contract holdings on Binance reached a record high, which may indicate the return of buyers' power

Comparing news, Coinglass data shows that recently, the amount of Ethereum-based contract holdings on Binance reached a record high, now exceeding 3.3 million ETH.

In response, analyst Darkfost said that the current market conditions are becoming increasingly difficult to interpret. The price of ETH is down 67% from its all-time high and is in an extremely oversold zone, yet traders are still increasing their exposure to derivatives. On the other hand, the weekly average of the Taker buy/sell ratio on Binance has risen from 0.95 to 1.0, reflecting a rebalancing of capital flows after months of seller dominance. Darkfost believes this means that traders seem to be gradually returning to buyers after Ethereum's sharp depreciation.