Important collection restaurants
- The 37% dominance of Binance in BTC Spot Volume reinforces its role as Marktbellwether, but fading on-chain statistics suggest caution, even if positive financing percentages of traders lean for a long time.
Bitcoin [BTC] Spot trade rose in the first half of 2025 after $ 9.2 trillion, with Binance only used 37.34%, or more than $ 3.44 trillion, according to New data.
This overwhelming lead places Binance well for competitors such as Bybit, OKX and Coinbase, which together were only 29% of the total volume.
Of course, the liquidity dominance of Binance makes the center for large market movements, where whales strike first and the most difficult.
Bottom Line? Every large BTC trade is probably running through Binance, making it the first place to look at when the volatility strikes.
Are these a break a break in the growing momentum of Bitcoin?
Bitcoin’s unchain rating indicators Drawing signs of cooling, possibly as a result of decreasing investor activity.
At the time of the press, the NVT Golden Cross fell by 16.76%, and indicated that BTC may have reached a local top.
Similarly, the network value and the metcalfe ratio fell by 15.38%, suggesting that network growth does not keep pace with the price.
And the Puell Multiple fell by 7.96%, with the income from miner worker becoming soothing compared to historical averages.
In fact, this trio refers to pullbacks to fade at the momentum of the chain, with the question and the network strength no longer synchronous with price.
Prepare miners for holding on?
Now for miners – they are often the first movers of the market.
Miner Netflow -Totaal declined by 11.55%, which indicates a decrease in the number of BTC sent to exchanges.
This shift suggests that miners hold their coins instead of selling them on the market. Although this does not guarantee a bullish momentum, it does remove an important source of potential overhead supply.
If the question is resumed while the mine worker flowing remains low, this can create favorable conditions for a price lift. Miners probably wait for better prices before they liquidate their possession.
Futures traders hold their nerve
Despite the recent weakness in chain and miners’ activity, derivative data suggests that traders remain carefully optimistic.
At the time of the press, the BTC volume-weighted financing speed was +0.003%, consistent with the majority of June.
It means that most traders still pay to hold long positions, not to mention this expectations of upward price movement.
Therefore, Although the spot market activity has been delayed, leverage traders have not withdrawn. If buying spot in accordance with this sentiment, this can restore a bullish momentum.
For now, trust in the Futures market seems to be stable.
Source: Coinglass
With Binance that commander of a third of all BTC spot volume, the trading activity has the influence on great influence.
Indicators on chains and my work flows indicate a cooldown, but derivatives traders still show faith in a rebound.
Whether Bitcoin then wins or loses steam can decrease on how to respond to Binance -based volume to these conflicting signals.