The ETH spot/contract trading volume ratio on Binance has dropped to its lowest level since 2023

According to crypto analyst Darkfost, the open contracts for ETH on the Binance platform have significantly decreased, with the position size dropping by about 400,000 ETH since January. At the same time, the spot to futures trading volume ratio for ETH on Binance has fallen to its lowest level since 2023, which is the year the bear market ended.

Despite this, the current futures trading volume for Ethereum on Binance is still more than six times that of the spot trading volume. This reflects the true weakness of the Ethereum spot market at present, and the selling actions of the Ethereum Foundation and even Vitalik Buterin may have led to cautiousness among investors.