Bullish Flip: Binance Sees Bitcoin Buy Volume Crush Sellers for First Time Since 2024
After six months of relentless selling pressure, Bitcoin bulls finally wrestled control on Binance—buy orders outpaced sells in a decisive shift. Whale accumulation or just retail FOMO? Either way, the order books haven’t lied since last October.
Key detail: The surge coincided with Bitcoin clawing back above $60K, though skeptics note the ’volume spike’ conveniently aligns with quarterly futures expiry—Wall Street’s favorite price-pinching window.
One thing’s certain: when the world’s largest crypto exchange flips bullish, even the most jaded traders check their shorts. Just don’t expect the suits at BlackRock to acknowledge it until their ETF paperwork catches up.
Binance Spot Buying Volume Outpaces Selling for the First Time in Six Months
According to CryptoQuant analyst Joao Wedson, a significant shift has occurred in Bitcoin’s spot trading activity on Binance. For the first time in six months, the Cumulative Volume Delta (CVD) on Binance spot markets has turned positive, meaning cumulative buying volume is now exceeding selling volume.
The CVD measures the accumulated difference between buy and sell volumes, providing insight into the net pressure in the spot market over time. Wedson noted that since Bitcoin’s recent low around $75,000, the Binance Spot CVD has been trending upward, suggesting growing buying interest relative to selling.
Historically, Binance’s spot CVD has shown a consistent downtrend since 2021, with limited periods of sustained positive momentum. Given Binance’s influence as the largest global exchange, the recovery of the CVD metric is being viewed as an important development to gauge risk appetite and broader market sentiment.
Bitcoin STH-Realized Price Emerges as a Key Threshold for Bull Run Confirmation
In a separate analysis, another CryptoQuant analyst, CryptoMe, emphasized the importance of Bitcoin’s relationship to the Short-Term Holder Realized Price (STH-Realized Price) when evaluating the sustainability of a bull market.
The STH-Realized Price represents the average purchase price of coins held by short-term holders, typically considered an important support or resistance level during market cycles.
CryptoMe explained that during historical bull runs, Bitcoin tends to maintain its price above the STH-Realized Price. In the current environment, Bitcoin is testing this level, and its ability to decisively break above it could signal a continuation of bullish momentum.
The analyst advised that as long as Bitcoin remains below the STH-Realized Price, maintaining a hedge in derivatives markets could be a prudent strategy. Conversely, if the price moves above this threshold, closing hedge positions and focusing on spot investments could align with market structure trends.
Featured image created with DALL-E, Chart from TradingView
