Analysts say high exchange turnover often reflects traders repositioning portfolios quickly during periods of rising volatility.
Ethereum (ETH) trading activity on Binance has jumped dramatically, with around 29.6 million ETH changing hands on the exchange over the past 30 days, the highest turnover recorded since September 2025.
The spike suggests traders are cycling the same supply through the market at a faster pace as volatility returns and derivatives positioning shifts.
Binance ETH Turnover Climbs
Data shared by Arab Chain on March 5 shows the 30-day Ethereum exchange liquidity ratio on Binance has climbed to 8.47. The metric compares the amount of ETH traded during a set period with the total supply available on the exchange.
Binance currently holds around 3.5 million ETH in exchange reserves, yet trading volume during the last month reached almost 29.6 million ETH. That means the same coins have been traded multiple times within a relatively short period.
According to Arab Chain, high turnover levels often appear during periods when traders actively reposition portfolios or when price volatility increases.
“Historically, high turnover rates have often coincided with increased market liquidity and faster asset movement between wallets and exchanges, reflecting heightened risk appetite among traders,” noted Arab Chain.
The latest reading is the highest since September last year, a period that also saw strong price swings in the market.
Presently, ETH has climbed past the $2,000 level, gaining about 4.6% in the last 24 hours. On longer timeframes, the asset is up about 2% in the past week and just over 6% in the last two weeks, although it remains about 9% lower over the last 30 days.
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Shifting Market Behavior
Alongside the spike in spot turnover, derivatives indicators point to changes in trading behavior across both Ethereum and Bitcoin. This is according to market analyst Moreno, who noted that net taker volume in derivatives markets has started to move back into positive territory after months of aggressive selling.
Net taker volume measures the difference between traders placing market buy orders and those executing market sells, which helps show who is actively pushing prices. Per the analyst, when the metric flips positive after a long stretch of negative readings, the first phase often reflects short covering and the unwinding of hedge positions rather than fresh long-term demand.
Ethereum’s derivatives activity can also appear distorted because the asset is widely used as collateral in decentralized finance strategies. Many traders hold spot ETH while at the same time shorting perpetual futures contracts to maintain delta-neutral positions, which creates persistent selling pressure in derivatives markets.
Another signal of demand came from the Coinbase premium for both Bitcoin and Ethereum. According to analyst CW, the premium is positive, suggesting buyers on the U.S. exchange are paying slightly higher prices than global markets.
Combined with rising exchange turnover and shifting derivatives flows, the data shows traders are becoming more active again as Ethereum holds above the $2,000 level.
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