On March 16, according to crypto analyst Darkfost, the number of open ETH contracts on the Binance platform has decreased significantly, with holdings reduced by approximately 400,000 ETH since January.
Meanwhile, the spot to futures trading volume ratio for ETH on Binance has fallen to its lowest level since 2023, the year the bear market ended.
Nevertheless, Ethereum futures trading volume on Binance is still more than six times that of spot trading volume. This reflects the current genuine weakness in the Ethereum spot market, and the selling activity by the Ethereum Foundation and even Vitalik Buterin may have contributed to investor caution.





