Ethereum sees exchange inflows and weaker derivatives

Ethereum faces mounting near-term pressure as a combination of rising exchange inflows, cooling derivatives activity, and a lack of new demand points to a potential wave of selling. The cryptocurrency has struggled to hold the psychologically important $1,800 level, trading near key weekly support zones between $1,700 and $1,400.

Data from recent days shows a significant shift in market structure. Binance, one of the most liquid exchanges, recorded net inflows of approximately 57,700 ETH. Analysts note that such sustained inflows to exchanges can signal increased risk of near-term selling pressure, especially when concentrated on a major trading venue. This movement is occurring alongside muted new participation; the number of new ETH depositor addresses is around 320, a level described as materially below those seen during previous demand surges. CryptoQuant analyst Pelin Ay highlighted that this combination suggests the market's ability to absorb incoming supply without price declines is fading, leaving stability dependent on existing holders.

Simultaneously, derivatives markets have seen a sharp contraction in speculative activity. Ether futures open interest across major...