While Bitcoin’s price action indicates a relative scarcity of spot activity, recent on-chain data reveals an increasingly dynamic atmosphere within the futures market, especially on the Binance network.
Binance dominates the futures market as trader sentiment sees a structural shift
In one recent post On the CryptoQuant platform, crypto education institution XWIN Research Japan shares insights into developments in the Bitcoin futures market, with the main focus on the Binance network. The world’s largest crypto exchange is maintaining its reputation after reaching a record high of $1.88 trillion in trading volume, according to the research institute.
At the same time, trader sentiment within the Bitcoin futures market appears to be apparently undergoing a transition, with data from the Bitcoin: Futures Taker CVD (Cumulative Volume Delta, 90-Day) supporting this assumption. For context, this measure tracks the net difference between the buyer’s buying volume and the buyer’s selling volume over a 90-day period, which shows whether traders in the futures market are primarily adding to the buying pressure or contributing to the selling pressure.
XWIN Research points out that as of mid-2025, Bitcoin taker buying volume dominated the futures market as most traders built positions. This period of accumulation, the analyst notes, was seen as the flagship cryptocurrency climbed above $100,000. However, from late August to present, there has been a resurgence in taker selling pressure, indicating the dominance of profit takers in the market.
What this means for the price
Contrary to how this structural shift might be interpreted, the educational institution explains that the market actually appears to be maturing. A typical mature market, as XWIN Research notes, is one where market participants manage their exposure, rather than chasing any or all price peaks.
The reemergence of selling pressure from buyers therefore signals a growing tendency among traders to protect their profits within the $110,000-$115,000 price range. Historically, this kind of “moderation” has often been a sign of long-term strength. Binance’s trading volume of $1.88 trillion also lends credence to this view, as it demonstrates the presence of solid institutional confidence in the long-term growth of the cryptocurrency.
Aside from institutional support, this trading volume also puts the extent of global participation in the Bitcoin derivatives market into perspective. In the long term, the Bitcoin market could be in the early stages of a sustained and long-term expansion. At the time of writing, Bitcoin is worth approximately $110,110. The most important cryptocurrency shows a slight growth of 0.40% in 24 hours. Another reflection of the sideways movement of the online assets is the net loss of 1.36% over the past seven days.
Featured image from iStock, chart from Tradingview