CryptoQuant Quicktake

CryptoQuant's latest Binance on-chain data presents an interesting contrast. While daily Bitcoin inflows to Binance continue to fluctuate with occasional spikes, the 30-day Total Netflow remains close to or below neutral, indicating that withdrawals are largely offsetting deposits.
Large inflow spikes are often interpreted as potential selling pressure because investors typically move Bitcoin onto exchanges before trading. However, inflows alone do not tell the full story. The more important metric is netflow, which measures the balance between deposits and withdrawals.
The current chart shows that although Binance continues to receive Bitcoin deposits, sustained net inflows have weakened considerably compared with previous months. This suggests that much of the incoming BTC is either absorbed by market demand or followed by withdrawals into long-term custody.
As the world's largest cryptocurrency exchange, Binance serves as a key indicator of global market sentiment. A neutral or negative netflow generally reflects stronger holding behavior rather than aggressive selling, especially when Bitcoin prices remain stable or trend higher.
This divergence may indicate that investors are becoming more confident in Bitcoin's long-term outlook. Instead of preparing for large-scale distribution, many participants appear to be using Binance primarily for liquidity while continuing to reduce exchange-held balances.
Although short-term volatility remains possible whenever inflows spike, the broader picture does not currently point to persistent selling pressure. Investors should continue monitoring Binance's netflow alongside ETF flows, exchange reserves, and stablecoin liquidity to determine whether accumulation or distribution is becoming the dominant market trend.
Written by XWIN Japan

Bitcoin has rebounded to around $66,500, and market sentiment has improved significantly compared with June.
Several positive factors are supporting the recovery. Spot Bitcoin ETFs in the U.S. have shifted from persistent outflows to renewed inflows, signaling that institutional investors are gradually returning. At the same time, regulatory progress, including the CLARITY Act in the U.S. and recent legal reforms in Japan, has strengthened confidence in the long-term growth of digital assets. On-chain data also shows continued accumulation by long-term holders and large Bitcoin holders, while macro conditions have become more supportive as inflation concerns ease.
However, a higher price alone does not confirm the start of a new bull market.
Three on-chain indicators suggest that the recovery remains in its early stage.
First, Bitcoin Apparent Demand has improved from the severe demand deficit seen earlier this year, but it remains in negative territory, indicating that new capital inflows are still insufficient.
Second, Adjusted SOPR has recovered toward 1.0, suggesting that panic selling is fading and investor sentiment is improving. Even so, it has not consistently remained above 1.0, meaning confidence is still rebuilding.
Finally, Net Realized Profit and Loss (NRPL) has turned slightly positive after months of loss realization. This reflects improving market psychology, but profit-taking remains far below levels typically seen during strong bull markets.
Taken together, these indicators suggest that Bitcoin has moved beyond the worst phase of the downturn. Nevertheless, sustainable demand has yet to fully return. The market is improving, but confirmation of a lasting bull cycle will depend on stronger capital inflows and continued on-chain strength.
Written by XWIN Japan

21 iyul tarixində nəsə dəyişdi. İki həftə ərzində XRP $1.07–$1.11 aralığında yanvari konsolidasiya etdikdən sonra qiymət həmin gün $1.143-ə yüksəldi — Binance-in $2.35M-dən çox qısamüddətli (short) likvidasiyaya şahid olduğu gün. Bu, son məlumatlarda ən böyük tək günlük short silinməsi oldu; iyulun 13-də baş verən uzun (long) axını ($2.95M) qısa müddətə fondları mənfi zonaya itələyən epizoddan dəfələrlə yüksəkdir.
Diqqəti çəkən təkcə sıxılma (squeeze) deyil, həm də fonudur. Binance spot fəaliyyəti bir neçə həftədir azalır: həm inflow, həm də outflow aylıq və rüblük başlanğıc göstəricilərə nisbətən təxminən 98% aşağı düşüb və eyni pəncərədə depozit ünvanları 96%-dən çox azalıb. Bu arada Açıq Maraqlılıq (Open Interest) artmaqda davam edib — həftəlik 5.3% artaraq $428.9M-ə çatıb — leverage isə son diapazonunun daha yüksək hissəsinə yaxın səviyyədədir, 0.164.

22 iyulda Coinbase, Binance və Crypto.com-da XRP cüzdan aktivliyi kəskin şəkildə geri çəkilməyə (withdrawal) üstünlük verən vəziyyətə keçdi və yeddi gün ərzində cəmi təxminən -13,026 xalis depozit (net depositing) göstəricisi olan cüzdanlarla çıxarılma (withdrawing) göstəricisi olan cüzdanlar arasında fərq yarandı.
Coinbase keçidi -8,900 ilə yönləndirdi; bu, 20 iyun 2025-dən bəri ilk böyük mənfi göstərici idi və əvvəlki -3,200 səviyyəsindən təxminən 2,8 dəfə daha dərin oldu.
Binance -2,626 qeydə aldı; bu, metrikin 30 iyun tarixində -6,216-ya düşməsindən bəri ikinci mənfi göstərici idi.
Crypto.com -1,500-ə çatdı və bu, 2025-ci ilin avqustundan bəri ilk mənfi göstəricisi oldu.

ERC-20 stablecoin liquidity shows a modest improvement in exchange inflows, but the broader balance-sheet signal remains restrictive.
Exchange net flow has turned slightly positive at approximately $62.8 million. This indicates that stablecoins are entering trading venues on a net basis, creating some immediately deployable liquidity. The move is constructive, but it remains small relative to the multi-billion-dollar inflow episodes recorded earlier in the period.
Minted and redeemed supply both stand near $1.5 billion at the latest reading. Gross issuance therefore does not show a clear expansion in net stablecoin supply. Minting activity has also moderated significantly from the large spikes seen in the first half of 2025.
The more important signal comes from exchange reserves. ERC-20 stablecoin balances have fallen to roughly $61.8 billion, well below the late-2025 peak above $75 billion and beneath the declining 100-day moving average. This suggests that the pool of stablecoin capital available on exchanges continues to contract despite the latest positive net flow.
The combined picture does not support a strong liquidity-expansion thesis. Stablecoin purchasing power may be stabilising at the margin, but it has not returned at sufficient scale to provide a durable tailwind for Bitcoin and the wider crypto market.
The near-term price implication is neutral to mildly constructive. Crypto prices could benefit if positive netflows persist, but a stronger upside signal would require exchange reserves to stabilise and minted supply to consistently exceed redemptions. Continued reserve contraction would leave rallies more dependent on leverage and external capital flows
Written by Novaque Research

XRP-nin Binance birjasındakı balansı təxminən 2,6 milyard tokenə düşüb və 3,1 milyarddan yuxarı səviyyələrdən başlayan daha geniş eniş meylini davam etdirir. Bu azalma dərhal satıla bilən “sell-side” inventarını azaldır və birja təklifinin daha sıx profilini dəstəkləyir.
Son dövrlərdə müşahidə olunan balina fəaliyyəti davamlı paylanmanı göstərmir. İl ərzində bir neçə böyük epizodik sıçrayışdan sonra balinadan birjaya axın təxminən 140 XRP-ə düşüb. Birja daxilolmalarının dəyər intervalları da ən son oxunuşda məhdud aktivlik göstərir; əvvəlki bazar gərginliyi dövrlərində görünən böyük (1 milyon XRP-dən yuxarı) depozitlərin analoji təkrarı yoxdur.

A short-term look at Bitcoin’s recovery toward $66,500 shows stronger immediate buying pressure, without the leverage excess normally associated with a fragile, derivatives-led rally.
The all-exchange Taker Buy Sell Ratio has risen to approximately 1.17, indicating that aggressive market buyers currently exceed sellers. Funding rates remain positive near 0.004, but they are well below the extreme readings recorded during previous crowded long phases. Long positioning has returned, although the cost of leverage remains moderate.
Open interest stands near $23.2 billion and remains close to, or slightly below, its 100-day average. It has recovered only modestly from the recent lows despite Bitcoin’s price rebound. This suggests that fresh derivatives exposure has not been the primary source of the advance.
Spot Taker CVD provides a more cautious signal. Buy-side dominance supported the market during May, but the latest readings have shifted towards neutral. Buyers are absorbing supply, yet the chart does not show persistent spot accumulation across the full 90-day window.
Taken together, the evidence points to a taker-led recovery with restrained leverage, rather than a heavily leveraged breakout. The structure is healthier than one driven by rapidly expanding open interest and elevated funding, but it still requires renewed spot CVD confirmation.
The near-term bias remains moderately constructive. Bitcoin could retest the $68,000–$70,000 area if taker demand persists while funding and open interest remain controlled. A weakening taker ratio or rapid leverage expansion without stronger spot CVD would increase the risk of a return towards $62,000–$64,000.
Written by Novaque Research

Ethereum’s liquid supply continues to tighten, but the available data does not yet confirm a demand-driven price squeeze.
The ETH 2.0 staking rate has climbed to approximately 33.6%, up sharply from about 28% in early 2025. This rise shows that a growing share of supply remains committed to staking rather than circulating freely in spot markets.
Exchange reserves reinforce that trend. Holdings across exchanges have fallen from above 21 million ETH to roughly 15.1 million ETH. The decline has persisted through both rallies and sell-offs, suggesting a structural reduction in immediately available exchange supply rather than a short-lived withdrawal cycle.
Recent exchange netflow is also negative at approximately 46,300 ETH, indicating that withdrawals currently exceed deposits. At the same time, staking inflows remain positive at around 62,200 ETH, although they sit well below the large episodic spikes recorded earlier in the period.
The combined signal is constructive for Ethereum’s medium-term supply profile. More ETH is entering staking while less remains on exchanges. However, reduced supply alone does not create a price squeeze. Price still requires sustained spot demand, stronger network activity or institutional inflows.
ETH is recovering near $1,900, but the market has not yet demonstrated the demand intensity needed to convert declining liquidity into a decisive breakout. The near-term bias is moderately constructive while exchange reserves continue falling. A sustained move above $2,000 would strengthen the supply-squeeze thesis, while renewed exchange inflows would weaken it.
Written by Novaque Research

Data indicates that the TradFi perpetual equity market on Binance has maintained strong activity in recent months, with cumulative trading volume surpassing $100 billion since February 2026. This reflects growing demand among traders seeking exposure to global equities through perpetual derivative contracts traded on the cryptocurrency exchange. The data also shows that trading activity remained relatively stable between February and July, despite shifts in liquidity allocation across different equities.
This sustained level of trading suggests that perpetual contracts linked to traditional equities are no longer a niche product within cryptocurrency markets, but have evolved into a well-established segment that attracts traders looking to gain exposure to global stock price movements in a 24/7 trading environment. It also highlights the increasing convergence between traditional financial markets and digital asset infrastructure, enabling investors to access equity-linked products using the same trading ecosystem they use for cryptocurrencies.
The fact that monthly trading volumes have remained above $100 billion since February underscores the growing demand for perpetual contracts tied to traditional stocks on Binance. More importantly, it reflects deep market liquidity, consistent trading activity, and sustained investor participation rather than a short-lived surge in interest.
Written by Arab Chain

Data from CryptoQuant shows that Bitcoin Exchange Netflow on Binance is currently negative at around -1.6K BTC, indicating that more $BTC is being withdrawn from the exchange than deposited. This usually reflects that short-term supply pressure on Binance is easing to some extent, as $BTC is not being sent to the exchange aggressively for potential selling.
The notable point is that negative netflow is appearing while $BTC price has recovered to around $65K–$66K. This suggests that the market is showing better absorption compared to the previous weak phase.
However, negative netflow does not automatically confirm a new uptrend. It needs to be accompanied by spot demand, volume, and a more stable price structure.
For $BTC, if Binance continues to maintain negative netflow while price holds support, short-term selling pressure may continue to decline.
Written by Rei Researcher

Son cədvələ görə, Binance-in Ethereum spot qiyməti təxminən 1,920 ABŞ dolları səviyyəsində ticarət edir. Qiymət qiymət kanalının müqavimət zonuna çatıb. Əvvəla, bu analizdə istifadə edilən Binance spot qiyməti Ethereum üçün ən etibarlı istinad qiymətlərindən biridir. Çünki Binance həm spot, həm də derivativlər bazarlarında ən yüksək ticarət həcminə və likvidliyə malikdir. Buna görə də texniki səviyyələri qiymətləndirərkən Binance qiymətindən istifadə bazarın faktiki təklif və tələb dinamikasını daha dəqiq əks etdirir. Əvvəlki qiymət hərəkətlərinə baxdıqda, qiymət Qiymət Kanalının yuxarı sərhədinə toxunduğu hər bir halda yüksəliş trendi sona çatıb və mənfəət götürmə satış təzyiqi meydana çıxıb.

$USDC has shown net outflows on exchanges since last May. However, it has now reached almost neutral state.
It appears that it will soon shift to net inflows.
$USDC is a stablecoin primarily used on Coinbase and utilized by U.S. investors.
The pattern of U.S. fund outflows is ending, and the market is shifting to net inflows. This implies that the time is approaching for upward pressure from the U.S. to reappear.
$BTC is showing a flow similar to the netflow of $USDC. It typically showed a downtrend when $USDC experienced outflows and an uptrend when fund flowed in.
Currently, it is rebounding slightly as stablecoin net outflows decrease. However, if it shifts to net inflows, it is highly likely that a full-scale rally will begin.
Written by CW8900

Məlumatlar göstərir ki, Binance-də XRP üçün Exchange Supply Ratio (ESR) təxminən 0.02605-ə düşüb; bu, təxminən beş ayın ən aşağı səviyyəsidir, halbuki XRP təxminən $1.14 civarında ticarət edir. Bu göstərici XRP-in ümumi dövriyyədə olan tədarükünün içində platformada saxlanılan payının nisbətini ölçür.
ESR-də son azalma, Binance-də saxlanılan XRP payının ümumi dövriyyədə olan tədarükə nisbətən azalmasını əks etdirir. Bu inkişaf, bəzi XRP-in platformanı tərk etdiyini—ya şəxsi kriptovalyut cüzdanlarına, ya da digər qurumlara—göstərə bilər. Analitik baxımdan, birjalardakı XRP balanslarının azalması satış üçün dərhal mövcud olan XRP miqdarını azalda bilər və bu tendensiya davam edərsə, satış təzyiqini yüngülləşdirə bilər.

Coinbase Premium Index-in son dəfə müsbətə çevrilməsindən etibarən artıq 900-dən çox kumulyativ saat keçib.
Bu dinamik, kripto bazarında institusional və peşəkar iştirakçıların hazırda Bitkoinə qarşı bəslədiyi pessimizmi əks etdirir.
Bunun nə demək olduğunu tam anlamaq üçün bilmək lazımdır ki, Coinbase Premium Index Coinbase Advanced və Binance arasında Bitkoinin qiymətini müqayisə edən bir göstəricidir. Coinbase Advanced yalnız peşəkarlara və institutlara yönəldilmiş bir platformdur, ona görə də oradakı fəaliyyət bu daha böyük investorların necə davrandığını görməyə imkan verir.

XRP-nin çıxış (outflow) fəaliyyəti kəskin şəkildə iri sahibkarlara (whale) doğru yönəlib; mərkəzləşdirilmiş birjalarda whale dominansı 22 iyul tarixində rekord səviyyəyə — 77,8%-ə çatıb, pərakəndə dominansı isə qeydə alınan ən aşağı səviyyəyə düşərək 22%-ə bərabər olub.
Son göstərici mayın 6-sı ilə müqayisədə böyük dönüşü əks etdirir: həmin gün whale dominansı 63%, pərakəndə iştirak isə 36% idi. O vaxtdan whale payı 14,8 faiz bəndi artıb, pərakəndə payı isə təxminən 14 bənd azalaraq.
Binance-da oxşar tendensiya müşahidə olunur.

Fresh token minting on SLP has nearly stalled, with the 7-day average down roughly 97% versus the 3-month baseline. Over the same window, Binance exchange activity moved in the opposite direction: inflows rose more than 200% week-over-week, and outflows increased by a similar magnitude.
A closer look at transfer data adds nuance. The median transfer size fell about 27% week-over-week, while total transferred volume rose over 60%. This combination — falling median, rising total — typically points to a handful of large transactions driving aggregate volume, rather than broad-based growth in user activity.
July 20 stands out as a single-day anomaly: active addresses spiked to roughly three times the 6-month average, and transaction count reached nearly 4.4x the average. Whether this reflects a temporary event or the start of a shift is not yet clear, and it warrants monitoring over the following days rather than an immediate conclusion.
On the exchange side, net flow into Binance has turned positive and is strengthening, yet total reserve balance is still down 6.65% versus three months ago. This suggests the recent uptick has not yet reversed the longer-term drawdown in exchange holdings.
Taken together, the near-halt in minting, the concentration of flows in large transactions, and a largely flat price despite these on-chain swings describe a structurally notable setup — one that has not yet translated into a directional price move. Continuation or reversal of this pattern over the coming days will likely be the key signal to watch.
Written by CryptoOnchain

CryptoQuant data shows that Binance's Bitcoin reserves have fallen to around 650K BTC, approaching their lowest level in recent months. Interestingly, this decline has occurred while Bitcoin has recovered from its recent correction, suggesting that investors are withdrawing coins even as prices strengthen.
Exchange reserves measure the amount of Bitcoin held on a trading platform. When reserves decrease, it often indicates that investors are moving assets into long-term storage rather than keeping them available for immediate trading. Although this is not a direct buy signal, persistent reserve declines generally reduce potential selling pressure.
Because Binance is the world's largest cryptocurrency exchange, its reserve trends provide valuable insight into overall market behavior. A reduction in Binance's balances often reflects broader investor sentiment rather than activity from a single group of traders.
The current trend suggests that many market participants are choosing long-term holding over short-term speculation. The continued growth of institutional custody solutions and spot Bitcoin ETFs has also encouraged investors to move assets off exchanges instead of leaving them in trading accounts.
Another notable point is that Bitcoin prices have remained resilient despite declining exchange reserves. This combination may indicate that accumulation is gradually absorbing available supply. If demand continues to increase while exchange balances keep falling, market liquidity could tighten and provide additional support for prices.
Exchange reserve data should not be analyzed alone. Investors should also monitor ETF flows, stablecoin liquidity, on-chain activity, and derivatives positioning to understand the broader market environment.
For now, Binance's declining Bitcoin reserves suggest that long-term conviction remains strong, making this an important indicator to watch as the market enters its next phase.
Written by XWIN Japan

Binance dünən 9,030 BTC xalis çıxış (outflow) qeydə alıb, bu da təxminən 589 milyon ABŞ dollarına bərabərdir. 5 ay içində ən böyük tək günlük çıxarışdır — fevralın 6-sı tarixindən bəri, o zaman birjalardan 8,744 BTC çıxmışdı.
Bu ölçüdə çıxışlar olanda, kiminsə ciddi həcmdə aktivləri öz nəzarətində olan “custody”yə köçürdüyü görünür. Birjalardan çıxarılan sikkələr sifariş kitabına satılmayacaq sikkələrdir.
Bu axının ətrafındakı kontekst diqqət çəkir. İyun ayının sonlarına doğru 30 günlük momentum -21%-də idi. Son üç həftə ərzində sıfıra doğru geri çəkilib və indi müsbət zonanı just keçib. Xəttin ətrafında dalğalanır: bir tərəfə, sonra o biri tərəfə keçərək, dayanıqlı qalmaq üçün mübarizə aparır.

Bitcoin has climbed from ~$64K to $66K in two days. Is this genuine capital returning, or another leverage-driven rally? A look at on-chain and exchange data suggests the latter, mostly.
Squeeze lit the fuse, leverage kept it burning. Funding rates briefly turned negative on July 18-19 as bearish bets got squeezed, sparking the rebound. But open interest kept climbing alongside price, from ~$21.2B to a new high of $23B — meaning fresh leveraged positions, not just short-covering, have driven the move. Funding remains moderate, not yet overheated.
Spot buying hasn't shown up. CryptoQuant data shows spot volume has stayed in "Cooling" mode since April, including today. Futures volume is "Neutral" — no spike either. This looks more like derivatives traders amplifying volatility than real spot-side demand.
Sidelined capital, still sidelined. Exchange stablecoin netflows are negative, but total stablecoin market cap hasn't collapsed — just slowed. Capital is stepping off exchanges to watch, not fleeing crypto.
ETFs: institutions trickling in, slowly. U.S. spot Bitcoin ETFs posted a second straight week of inflows, ~$271M on July 20 alone, led by IBIT ($116.5M) — a sign of institutional, not just tactical, buying. Still, this hasn't been enough to pull overall spot volume out of "Cooling."
Bottom line: A squeeze sparked this rally, leverage has sustained it, and ETF inflows are gradually returning — but not at scale. Spot participation remains thin. This structure tends to correct sharply once momentum fades, since much of the support is leverage that can unwind fast. No overheating yet, but not a rally on solid footing either. Watch for spot volume to actually warm up before chasing price.
Written by Sunny Mom

The Realized Cap by UTXO Age Bands chart shows a clear shift in where Bitcoin’s capital is sitting. The 6–12 month cohort is expanding sharply, while the 3–6 month cohort also remains elevated.
That matters because it shows coins acquired during the previous market phase are continuing to age instead of being immediately sold. In simple terms: a meaningful amount of supply is staying in investors’ hands long enough to move into older holding bands.
At the same time, Bitcoin is trading near $66.7K, below its recent highs. This suggests the market is working through a redistribution phase rather than a full exit of capital from Bitcoin.
Important: the growth of an age band does not automatically mean new buyingit can also reflect existing coins simply becoming older. But when supply matures while price consolidates, it can point to improving holder conviction and reduced short-term selling pressure.
What to watch next:
• Continued growth in the 6–12 month and 1–2 year bands = stronger holding behavior
• A sharp rise in the youngest bands = increased trading activity or distribution
• Price recovery alongside maturing supply = a healthier bullish backdrop
The key takeaway: Bitcoin’s supply is gradually moving into stronger hands. 👀
Written by Zakariya Sharif