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Bitcoin has continued its downward trajectory when observed over weekly and monthly timeframes, recording an 8.4% decline in the past week and a 16.2% drop over the past month. However, in the shorter time frame, signs of potential reversal are emerging.
Over the past 24 hours, Bitcoin has seen a slight recovery, with its price rising to $81,647. This shift has led analysts to closely examine whale activity and exchange trends to determine whether the correction phase may be nearing an end.
Binance’s Whale Activity and Its Impact on Bitcoin’s Trend
One of CryptoQuant’s analysts, Darkfost, has identified a key trend in Binance’s whale activity that could impact Bitcoin’s price movements. Binance, as the largest cryptocurrency exchange by volume, plays a significant role in market liquidity, making its whale activity an important metric to monitor.
Darkfost’s analysis of the Bitcoin Exchange Whale Ratio on Binance suggests that whales are reducing their selling pressure, which could signal a shift in market sentiment.
The exchange whale ratio measures the proportion of the top 10 inflows to total inflows on an exchange. When this ratio is elevated, it indicates increased whale selling activity, often contributing to short-term price corrections or market consolidation phases.
Conversely, a declining whale ratio suggests less selling pressure, which could help stabilize Bitcoin’s price or even contribute to a rebound. According to Darkfost, the declining whale ratio on Binance may indicate that the selling pressure from large Bitcoin holders is easing.
Historically, a decrease in whale selling activity has preceded bullish market movements, making this metric a key indicator for traders. If this trend persists, Bitcoin could see reduced downward momentum, potentially setting the stage for price stabilization or recovery.
Binance’s Dominance in Spot and Futures Trading
In a separate analysis, CryptoQuant analyst Crazzyblockk has highlighted Binance’s continued dominance in both spot and futures markets. Binance holds the largest market share in crypto trading, reinforcing its position as a key player in price discovery and liquidity.
Currently, Binance accounts for a 45.5% share of the USDT futures market, significantly ahead of other trading platforms. Crazzyblockk wrote:
This highlights Binance as the preferred choice for derivatives trading, offering the best liquidity and execution.
In the spot market, Binance maintains a 35% share of the total trading volume, further solidifying its role as the leading exchange in the industry.
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.
