CryptoQuant Quicktake

Bitcoin inflows from mid-size investors remained below or close to their June 22 readings across Binance, Coinbase, and Coinbase Prime on July 23.
Binance recorded 3,000 BTC, below its previous reading of 3,446 BTC.
Coinbase registered 2,600 BTC, close to the previous 2,170 BTC, while
Coinbase Prime posted 1,264 BTC, below its previous reading of 1,560 BTC.
Combined inflows reached 6,864 BTC, slightly below the 7,176 BTC recorded on June 22. The gap between Binance and Coinbase also narrowed from 1,276 BTC to 400 BTC, showing a more balanced distribution across the two exchanges.
Previous Bitcoin corrections in October 2025 and January 2026 coincided with sharp inflow spikes concentrated on a single platform.
The current readings show no similar surge, reducing the likelihood of an immediate repeat of that sell-side pattern.
With Bitcoin trading near $65,800, contained and distributed inflows suggest limited immediate selling pressure and support a more constructive short-term outlook.
Written by Amr Taha

BlackRock’s IBIT recorded approximately $557 million in positive netflows across four sessions between July 14 and July 21, pointing to renewed and increasingly consistent demand for Bitcoin exposure through the ETF.
The fund attracted about $155 million on July 14, followed by $131 million on July 17, $114 million on July 20, and $157 million on July 21. The latest three readings alone totaled roughly $402 million, while the July 21 inflow was the strongest of the four sessions.
Demand was not limited to IBIT. On July 20, 21Shares ARKB added approximately $70 million, bringing the combined positive flows into the two funds to around $184 million for the day.
The key signal is the repetition of positive readings rather than a single exceptional inflow.
Continued ETF demand at similar levels could provide an important indication of sustained institutional participation in Bitcoin.
Written by Amr Taha

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

XRP wallet activity turned sharply withdrawal-dominant across Coinbase, Binance and Crypto.com on July 22, producing a combined reading of approximately -13,026 net depositing versus withdrawing wallets over seven days.
Coinbase led the shift at -8,900, its first major negative reading since June 20, 2025, and nearly 2.8 times deeper than the previous -3,200 level.
Binance recorded -2,626, its second negative reading since June 30, when the metric fell to -6,216.
Crypto.com reached -1,500, marking its first negative reading since August 2025.
The current pattern contrasts with the sharp deposit-dominant spikes recorded on Coinbase and Binance on July 19 and October 7, 2025, which were later followed by an XRP price decline exceeding 65%.
With XRP trading near $1.14, the data highlights a notable reversal in exchange-side wallet behavior.
However, the metric measures wallet counts rather than XRP transfer volume and should be evaluated alongside exchange netflows, derivatives positioning and broader market liquidity.
Written by Amr Taha

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’s Binance exchange balance has declined to approximately 2.6 billion tokens, extending a broader downtrend from above 3.1 billion. The reduction lowers immediately available sell-side inventory and supports a tighter exchange-supply profile.
Recent whale activity does not indicate sustained distribution. Whale-to-exchange flow has fallen to roughly 140 XRP after several large episodic spikes earlier in the year. Exchange inflow value bands also show limited activity at the latest reading, with no comparable recurrence of the large 1 million XRP-plus deposits seen during previous periods of market stress.
However, the spot-demand signal remains less convincing. The 90-day Spot Taker CVD has shifted to neutral after a brief period of taker-buy dominance in May. This means aggressive buyers are no longer consistently controlling execution, even as XRP recovers near $1.14.
Our chart choice describes a market with reduced exchange supply and limited current whale selling, but insufficient evidence of strong spot accumulation. That structure can support price if demand improves, although falling reserves alone do not guarantee appreciation. Tokens may also leave Binance for custody, other venues or non-trading purposes.
The near-term outlook is cautiously constructive. XRP could extend towards the $1.20–$1.30 region if Spot Taker CVD returns to buy-dominant conditions while whale inflows remain subdued. A renewed rise in large-value deposits, combined with continued neutral spot demand, would increase the risk of a move back towards $1.00–$1.05
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 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

$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

data shows that the Exchange Supply Ratio (ESR) for XRP on Binance has fallen to approximately 0.02605, its lowest level in around five months, while XRP is trading near $1.14. This metric measures the proportion of XRP's supply held on the platform relative to its total circulating supply.
The recent decline in the ESR reflects a decrease in the share of XRP held on Binance relative to the total circulating supply. This development could indicate that some XRP is moving away from the platform, either to private wallets or to other entities. From an analytical perspective, a decrease in XRP balances on exchanges could reduce the amount of XRP immediately available for sale, potentially easing selling pressure if this trend continues.
However, a lower ESR does not necessarily mean that the price will rise immediately. XRP's price movements can be influenced by various other factors, including investor activity, liquidity, the overall market trend, trading volume, and the movement of XRP between exchanges and private wallets.
With the ESR reaching its lowest level in five months, it is crucial to monitor whether this trend will continue in the coming weeks. A continued decline in XRP's supply on Binance could be viewed as a positive sign in terms of potentially lower selling pressure. Conversely, a reversal in the trend, accompanied by an increase in XRP inflows to the platform, could indicate a potential rise in the amount of XRP available for sale.
Written by Arab Chain

XRP outflow activity has shifted sharply toward large holders, with whale dominance across centralized exchanges reaching a record 77.8% on July 22, while retail dominance fell to its lowest recorded level at 22%.
The latest reading represents a major reversal from May 6, when whale dominance stood at 63% and retail participation reached 36%. Since then, the whale share has increased by 14.8 percentage points, while the retail share has declined by approximately 14 points.
A similar trend is visible on Binance.
XRP whale outflow dominance reached 71% on July 22, exceeding the 67% reading recorded on May 3. Meanwhile, retail dominance stood at 28.7%, down from its May 3 peak of 32%.
Whale dominance across all exchanges is currently 6.8 percentage points higher than on Binance alone, suggesting that the growing influence of large holders is a market-wide development rather than activity concentrated on a single platform.
Binance, however, continues to show a relatively larger retail share than the broader centralized-exchange market.
The gap between whales and retail has expanded to 55.8 percentage points across all exchanges and 42.3 points on Binance, highlighting an increasingly concentrated outflow structure.
These readings indicate that large XRP holders are now responsible for a significantly greater share of exchange outflow activity. However, outflow dominance measures the relative contribution of each investor group and does not, by itself, confirm the absolute volume, final destination, or investment purpose of the transferred XRP.
Written by Amr Taha

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 recorded a net outflow of 9,030 BTC yesterday, roughly $589M. The largest single-day withdrawal in 5 months, since February 6th when 8,744 BTC left the exchange.
When outflows hit this size, someone is moving serious volume into self-custody. Coins off exchanges are coins that won't be sold into the order book.
The context around this outflow is what stands out. In late June, 30-day momentum was sitting at -21%. Over the past three weeks it clawed its way back toward zero and just crossed positive. It's been oscillating around the line, flipping back and forth, fighting to hold.
This recovery pattern has repeated several times over the past year. Each time momentum came back from deeply negative readings and crossed zero, what followed was a move higher. October 2025, January 2026, April 2026. Three recoveries from the same zone, three rallies.
Now here it is again. Momentum recovering from -21%, grinding back above zero, and on the same stretch, 9,030 BTC walk off Binance. The biggest outflow in 5 months arriving right as the recovery tries to confirm.
Can this one fail? Absolutely. Momentum has been indecisive around the zero line for two weeks. It hasn't committed. And what happens next, honestly, nobody knows.
But someone just moved 9,030 BTC off the largest exchange while momentum recovers from extreme negative territory. That combination has historically resolved to the upside.
Whether it does this time, that's the part none of us can answer yet.
Written by RugaResearch

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

Bitcoin is trading near $66.7K, while the Coinbase Premium Index is sitting below zero. This means BTC is trading slightly cheaper on Coinbase than on other major exchanges.
A negative premium can signal weaker spot demand from U.S.-based investors and institutions in the short term. It does not automatically mean Bitcoin will fall, but it suggests that buyers on Coinbase are not currently leading the market higher.
For a stronger bullish signal, traders will want to see the Coinbase Premium Index move back into positive territory—showing renewed U.S. buying pressure.
For now, watch whether this negative premium is temporary or continues alongside Bitcoin’s next move. 👀
Written by Zakariya Sharif

Bitcoin’s Net Unrealized Profit/Loss (NUPL) is currently near 0.1, while BTC trades around $66.7K.
NUPL measures the unrealized profit or loss held across the Bitcoin market. A lower reading suggests that holders are carrying less unrealized profit than they were near the cycle highs—meaning the market is no longer in an overheated euphoria phase.
Historically, this green zone has reflected a more cautious market environment, where conviction is rebuilding and excessive profit-taking has cooled down.
This is not automatically bullish or bearish, but it shows sentiment has reset significantly compared with the highs. The key question now: can Bitcoin build momentum from here? 👀
Written by Zakariya Sharif

This chart highlights a long-term decline in the amount of Bitcoin held across centralized exchanges. Exchange reserves have fallen to approximately 2.7 million BTC, while Bitcoin is trading near $66,809.
Exchange reserves refer to the total Bitcoin deposited and readily available on trading platforms. When holders keep their BTC on an exchange, it is generally easier to sell or trade quickly. When they withdraw it to personal wallets, custody solutions, or long-term storage, that Bitcoin becomes less immediately available to the market.
The continued decrease in exchange reserves may suggest that more investors are choosing to hold Bitcoin for the long term rather than preparing to sell. This can reduce the supply of Bitcoin available for immediate sale and, if demand stays strong or increases, may support the price over time.
The chart also shows that this reserve trend has developed over several market cycles. Despite large price swings, the amount of Bitcoin held on exchanges has recently moved lower from its previous highs. Many market participants interpret this as a sign of growing confidence in Bitcoin as a long-term asset.
Still, exchange-reserve data should not be used as a standalone price prediction tool. Bitcoin can remain volatile, and price movements are influenced by many factors, including institutional demand, ETF inflows and outflows, macroeconomic conditions, interest rates, regulatory developments, and broader investor sentiment.
For now, the declining reserve trend remains an important indicator to watch: fewer Bitcoin available on exchanges could mean reduced selling pressure—but the market will ultimately depend on whether demand is strong enough to absorb the available supply.
Written by Zakariya Sharif

Bitcoin is trading at $66,368.2, registering a +2.6% increase in the last 24h and an accumulated +5.7% over the last 7 days. The geopolitical scenario reveals that the escalation of the conflict between the US and Iran has gained a new chapter with the Houthi maritime embargo against Saudi Arabia in the Bab el-Mandeb Strait.
In this context, the crypto asset market exhibits a dangerous divergence. In price action, the price broke the $65,711 resistance, but on-chain data lights up a warning sign.
ON-CHAIN DATA
The BTC: Keynes Liquidity Preference Metric indicator is at 4.73%, signaling a healthy Neutral/Bullish zone, but dangerously close to exhaustion by greed (<4%). The main risk lies in the supply: the BTC: FEI Downside Alpha registered a colossal influx of 13,762 BTCs to the exchanges (Netflow) in the early hours of the Asian market.
VERDICT
The current chart breakout lacks genuine institutional volume. Whales have transferred massive volumes for distribution in a technical region of the daily chart close to overbought (RSI), taking advantage of retail optimism. The unstable geopolitical scenario acts as a volatility catalyst, configuring a probable Bull Trap and demanding extreme caution from the market.
Written by GugaOnChain