Bitcoin continues to fall, further from the all-time record high in March of $109,000. Presently trading at below $82,000 the crypto has suffered a substantial 24.6% fall.
CryptoQuant’s EgyHash, a contributor to CryptoQuant, has weighed in on this current bearish trend. highlighted Binance has made a disturbing move that could increase the pressure on Bitcoin.
The Bearish Feeling Takes Root
EgyHash reports that Binance is one of the largest cryptocurrency exchanges in the world, and that it has seen a consistent rise in metrics that show that Binance’s performance may be improving. growing sell-side activity. EgyHash says that Binance’s 7-day average moving average for coin deposits is rising, which indicates investors making more frequent and larger deposits.
This increase is usually preceded by an uptick of the inflows. heightened selling activityIt suggests more coins will be available in the order book of an exchange.
To this end, it is worth mentioning that the “Bitcoin: Exchange Inflow (Top10)” metric—an indicator that tracks the total coin volume of the top ten largest inflow transactions—has reached levels not seen in almost a year. The surge in Bitcoin suggests significant quantities of Bitcoin have been traded. being moved onto BinanceThe intent is to sell.
EgyHash points out also that Binance’s Bitcoin reserves have been increasing, and are now back to the levels observed last in November. The rise of exchange reserves is usually a reflection of an increase in the coins that are held by a platform. This can indicate more pressure to sell.
What are the signs that Binance is under pressure? Key Metrics Points To Rising Sell Pressure
“Binance’s Bitcoin reserve has risen to levels last observed in November of the previous year, potentially indicating more selling pressure.” – By @EgyHashX
Click here to read more https://t.co/vl4sDIxaKD pic.twitter.com/y7qB1D4IS1
— CryptoQuant.com (@cryptoquant_com) February 28, 2025
This view is further supported by the Takers Buy/Sell ratio, which shows that the current market picture paints a negative one.
This accumulation of factors—rising inflows, growing exchange reserves, and a dominant bearish sentiment—could indicate that Bitcoin’s downward trajectory Continue reading
Unrealized Losses and Profits: An Analysis
Other indicators provide a more comprehensive view of the overall market sentiment.
CryptoQuant’s tugbachain recently published another CryptoQuant expert. discussed Nupl (Net Unrealized Profit/Loss) is a metric that tracks unrealized gains and losses on the Bitcoin network to help determine whether or not investors hold Bitcoin in average at a profit.
According to tugbachain the NUPL is currently just below 0.50. A reading that is below the 0.50 support level has historically been associated with bearish phasesA recovery that is above this level can indicate renewed interest in buying.
Bitcoin’s February monthly closing price could show a more positive trend, and encourage long-term traders to enter the market again.
Charts from TradingView and DALLE were used to create the featured image.
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Source: www.newsbtc.com
