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Bitcoin (BTC) has experienced a noticeable retracement after recently achieving a record high above $111,000 last month. Currently priced at $104,115, the cryptocurrency has declined approximately 5.2% in the past 7 days, marking roughly a 7% drop from its peak price.
This sudden decrease has sparked considerable attention among market participants, who closely observe potential signals that might clarify Bitcoin’s next move. A recent analysis from CryptoQuant contributor Crazzyblockk has shed some light on the internal dynamics influencing this price action.
Binance’s Dominance and Its Market Implications
In his report, titled “Divergence of Binance Taker Buy/Sell Behavior From Other CEXs — Sellers Outnumber Buyers on the Market’s Main Venue,” the analyst provides detailed insights into recent trading behaviors observed across major cryptocurrency exchanges, with a particular emphasis on Binance.
The analysis highlighted a divergence between Binance and other major centralized exchanges (CEXs). While a brief spike in overall buying activity was recorded across various exchanges, Binance, which accounts for around 60% of global Bitcoin spot trading volume, exhibited a contrasting scenario.
Data revealed a significant tilt towards selling, with Binance’s Taker Buy/Sell ratio falling below 1.0. This indicates a clear preference among Binance traders to sell rather than purchase Bitcoin, in contrast to the net-buy behavior observed elsewhere.
Given Binance’s considerable market share, this divergence is notable. Binance’s trading volume and futures open interest typically guide broader market sentiment and price discovery.
Historical data support this correlation, as past events where Binance’s market behavior diverged from other exchanges, such as in February 2024 and August 2023, resulted in notable Bitcoin price corrections of between 5% and 10% shortly thereafter.
Bitcoin Current Market Dynamics and Near-Term Expectations
Notably, the latest metrics illustrate Binance’s Taker Buy/Sell ratio hovering around 0.98, representing approximately a 12% decline over the past week and a 25% decline over the past month.
Despite a brief surge in overall market buying activity across exchanges, with the aggregate Taker Buy/Sell ratio peaking at about 1.35, Binance’s bearish stance has dampened this bullish signal, causing the broader indicator to revert downward rapidly.
This scenario suggests the possibility of heightened market volatility in the short term. The dominance of Binance’s trading behaviors potentially amplifies the effects of this selling pressure through futures market funding rates, which can intensify market moves. In conclusion, the CryptoQuant analyst wrote:
Because the largest liquidity pool is net-selling, today’s aggregate uptick risks turning into a bull trap. Unless Binance’s Taker Buy/Sell flips decisively above 1.05—and stays there—expect heightened volatility and a greater probability of a near-term price decline as broader sentiment realigns with the market leader’s flows.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
