Fusaka Upgrade Spurs ETH Buyer Surge; Taker Buy/Sell Ratio Hits 4-Month High
Ethereum (ETH) saw renewed buyer aggression after the Fusaka network upgrade on December 3, with Binance futures data showing the Taker Buy/Sell Ratio rising to 0.998 — its strongest reading since early August. Pseudonymous analyst CryptoOnchain said the rebound from recent lows (~0.945) signals futures traders are accumulating longs; a break above 1.0 could drive ETH toward $3,500–$4,000. Spot indicators support the shift: Cumulative Volume Delta (CVD) shows net buying as ETH stabilizes above ~$3,100, and “shark” wallets (1,000–10,000 ETH) helped push price to a three-week peak of $3,230. Pre-upgrade on-chain activity spiked (215 billion gas used on Nov 26), indicating heavy positioning. However, institutional demand diverged: Bitwise data reported an 81% drop in monthly purchases by public Digital Asset Treasuries (DATs) from August to November 2025, down to 370,000 ETH. Market commentators remain split — Fundstrat’s Tom Lee forecasted a long-term bullish pathway to $20,000 by 2026 tied to tokenization. ETH trades near $3,130, up ~3.3% weekly but down ~6% monthly. Key keywords: Ethereum, ETH price, Fusaka upgrade, Binance futures, taker buy/sell ratio, CVD, shark wallets, institutional demand.
Bullish
The news is bullish for ETH in the short to medium term because (1) derivatives flow shows accelerating buyer aggression — the Taker Buy/Sell Ratio at 0.998 is a leading indicator that futures traders are accumulating longs; (2) spot metrics (positive CVD) and concentrated purchases by shark wallets confirm net buying pressure; (3) high pre-upgrade on-chain activity indicates meaningful positioning that can support follow-through. Historical parallels: protocol upgrades (or major network events) often trigger a derivatives-led rally when taker buy pressure precedes price — similar patterns were seen around past upgrades when futures skewed long and price followed. Offsetting factors that temper immediate upside: a sharp decline in institutional DAT purchases (81% drop) reduces a structural buyer cohort, and ETH remains below the key psychological resistance zones cited by analysts. Traders should expect higher intraday volatility as longs build; a clean break above a Taker Buy/Sell Ratio >1.0 and sustained close above $3,200–$3,300 would increase the probability of a run toward $3,500–$4,000. Risk management: watch liquidity around $3,100–$3,200, monitor funding rates for over-leverage, and follow institutional flow data for confirmation that demand broadens beyond speculative derivatives positions.