Ethereum Faces Weak Momentum in Spot and Perpetual Markets
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Data shows ETH losing steam on Binance as declining perp volumes, weak spot demand, and price remains stuck in semi-bullish limbo.
Ethereum’s trading activity on Binance has entered a period of relative calm throughout September, as a slowdown gripped the market.
Unlike earlier months, when trading was defined by sharp imbalances between spot and perpetual volumes, this time the market exhibited neutrality.
Neutral but Nervous
In its latest analysis, CryptoQuant reported that the Z-Score index hovered between 0.0 and -1.0, a zone slightly tilted toward spot market dominance, which indicated that perpetual contracts have steadily lost ground. This decline in perpetual activity reflected a reduction in leveraged speculation, which can be attributed to traders stepping back from risk or a market shift toward more organic buy and sell orders.
However, while this transition away from perpetuals may indicate healthier market behavior, it also points to fading enthusiasm from speculators, who previously drove Ethereum’s rallies with leverage.
At the same time, the spot market failed to compensate for this decline. Spot volume consistently stayed below the 500,000-1 million range, a level which is significantly weaker than the activity peaks seen in June and July, and reflected limited investor participation.
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