Analysts: Buying activity is emerging in the Ethereum derivatives market, potentially signaling a bottom formation.

CryptoQuant analyst Darkfrost, writing on the X platform, points out that the Ethereum derivatives market has seen its first significant "institutional change" since the last bear market. On-chain data shows that ETH's net taker volume has turned positive after a long period of negative value, with buying pressure currently dominating, amounting to approximately $104 million. Darkfrost states that although Ethereum has faced persistent pressure near new highs, the current buying dominance could help form a more solid market bottom. If this trend continues, and the spot market and ETFs begin to support further gains, Ethereum may be poised to embark on a new upward trend.