Analysis: Ethereum's structure improves after leverage washout on Binance, but lacks bullish catalysts

BlockBeats news, October 16 - Crypto analytics account CryptoOnchain pointed out in its latest report that Ethereum's market structure has improved after experiencing a leverage flush on Binance, but no clear bullish catalyst has emerged yet. ETH is currently trading around $2,439, down 6.5% over 7 days and 5.2% over 30 days, with an overall on-chain score of approximately zero, indicating a neutral stance.

The report suggests positive factors include: Binance open interest declined 4.7% over 30 days to approximately $6.1 billion, long liquidations increased 47%, indicating fragile leverage is being flushed out, and funding rates are also near zero; meanwhile, Binance ETH reserves dropped 2.4%, with supply share at a low level, reducing selling pressure; the staking rate reached 36.1%, sitting at the 98.6th percentile.

However, negative factors are equally evident: Binance USDT reserves declined 2.3%, stablecoin net outflows amounted to approximately $175 million, and new buying capital is insufficient; the Coinbase premium is -0.11, indicating weak institutional demand; in terms of network activity, transaction count dropped 4% and burn fees fell 58%.

CryptoOnchain concluded that Binance leverage has largely been flushed out, the market structure is healthier, but there is no bullish catalyst yet. If USDT flows back to Binance in the future and the Coinbase premium turns positive, Ethereum's outlook could shift bullish.