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Large Ethereum Spot Orders Reappear as Futures Markets Maintain Selling Dominance

CryptoQuant data shows average spot order sizes for Ethereum returned to whale levels near $2,400, while derivatives markets continued to lean toward short positions.

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CryptoQuant's Spot Average Order Size metric for Ethereum recorded large whale-tier orders near the $2,400 level for the first time since mid-August. Similar surges in order size occurred in February, March, and June near previous market lows, though the metric tracks trade magnitude rather than whether transactions are buys or sells.

In contrast to the spot market signals, derivatives data reflected persistent short-side activity. The Futures Taker Cumulative Volume Delta metric has remained sell-dominant throughout October, marking an unbroken stretch of negative taker volume that had not been observed earlier in the year. Meanwhile, retail spot participation has remained neutral.

Ethereum was trading at $2,433, up 1.5% on the day after briefly touching $2,476. Momentum indicators showed slight improvement, with the Relative Strength Index rising to 42.6 above its signal line and the Chaikin Money Flow recovering from -0.17 on October 14 to -0.07.

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