CryptoQuant Quicktake

Exchange activity accelerated alongside Bitcoin’s rally toward $80K, with derivatives positioning, whale inflows and spot-market deposits all increasing as market participation broadened.
Spot trading activity accelerated sharply with Bitcoin’s rally toward $80K, with daily volume rising roughly 3–4x from early-August lows; Binance remained the dominant venue and captured the largest share of the increase, while Coinbase and MEXC also saw meaningful gains.
Binance captured the largest share of the rally-driven increase in activity, accounting for the biggest gains in both Bitcoin and Ethereum open interest and some of the largest Bitcoin whale inflows.
Leverage expanded materially across BTC and ETH markets, with 24-hour open interest changes reaching roughly $1 billion for Bitcoin and $1.0–1.2 billion for Ethereum at peak periods, indicating increased leveraged positioning as prices moved higher.
Large holders became more active on exchanges, with hourly Bitcoin whale inflows repeatedly exceeding 2,000 BTC, while the average Bitcoin deposit size on Binance rose from roughly 20–30 BTC to more than 50 BTC, with peaks near 75 BTC.
The rally also spread into altcoins, as 7-day cumulative altcoin exchange deposit transactions increased from roughly 15K–20K to around 45K, a 2–3x increase, suggesting that improving sentiment is beginning to translate into broader trading activity beyond Bitcoin.
Written by CQ Research

Bitcoin continues to test the critical $81,000 resistance level. We are at a pivotal juncture for the market; breaking above this wall could easily fuel a rapid rally toward the $85,000–$86,000 zone.
However, a significant risk is building up behind this upward movement: Extreme Long Position Concentration.
As price action trends upward, Open Interest (OI) in the derivatives market is expanding simultaneously. From a market mechanics perspective, this dynamic is flashing clear warning signs.
Indeed, the Binance Liquidation Index chart provides a critical signal. As leveraged positions accumulate on Binance, the metric enters the 80–100 overheating zone, indicating that overall market risk has reached peak levels.
The surging open positions drive the index higher, signaling an overheated market and emphasizing the need for caution against a potential sharp correction or sell-off.
Conclusion:
Until the Binance Liquidation Index cools down back to the 0–20 safe zone and the accumulated leverage is flushed out, traders should refrain from taking on additional risk and focus on strict risk management for existing positions.
Written by BorisD

Bitcoin has broken above $80,000, but another development may be even more important: its relationship with gold. By late August 2026, the 90-day rolling correlation between Bitcoin and gold had risen to its highest level in roughly six years, while Bitcoin’s correlation with Nasdaq weakened.
The key driver is the return of the “debasement trade.” U.S. federal debt has surpassed $40 trillion, long-term Treasury yields remain elevated, and concerns over the sustainability of public finances are growing. In this environment, investors appear more willing to hold scarce assets such as gold and Bitcoin as protection against currency dilution.
This time, Bitcoin is also being supported by spot ETF inflows, adding a structural source of demand that did not exist in earlier cycles.
Similar patterns appeared in late 2020 and late 2022: Bitcoin’s correlation with gold rose, then later declined as BTC entered a stronger, more independent rally.
That does not mean Bitcoin has permanently become “digital gold.” Correlations can reverse quickly, and Bitcoin remains far more volatile. The key question now is whether BTC can continue rising even if gold pauses. If so, it may suggest that macro-hedge demand is evolving into Bitcoin-specific demand.
Written by XWIN Japan

Data from Binance shows a decline in the Bitcoin Exchange Whale Ratio in recent days, coinciding with Bitcoin continuing to trade at relatively high levels near $80,000. The index has fallen to around 0.385, down from a recent surge to approximately 0.71 at the beginning of August, reflecting a clear decrease in whale activity within Bitcoin flows to the platform.
This decline follows a period of significant volatility in the index. Strong spikes in the Exchange Whale Ratio are typically worth monitoring, as they can indicate increased activity from large traders on the platform, especially when they coincide with sharp price movements.
Conversely, the index’s decline to 0.385 may suggest a relative decrease in whale pressure or activity compared with recent levels, which could reduce the likelihood of significant inflows from large Bitcoin holders into Binance at present.
The current picture appears more balanced: the price remains high, while the whale ratio is declining. If the index continues to decline, it may reflect a decrease in activity among large depositors. Conversely, a rise back to levels of 0.50 and above could represent a signal worth monitoring for its potential impact on Bitcoin’s upcoming price movement.
Written by Arab Chain

• New Bitcoin whales are back in unrealized profit after a prolonged period of pain.
Written by Facundo Fama

Ethereum futures volume on Binance is now roughly 11.6 times larger than spot volume, even as ETH trades near the same price zone seen in late April.
The contrast points to a major shift in the composition of trading activity behind a familiar price level.
The Binance Spot-to-Futures Volume Ratio compares Ethereum’s spot trading volume with futures activity.
On September 2, the ratio stood at just 8.63%, meaning futures volume was nearly 12 times larger than spot volume.
That structure looks very different from earlier this year.
On April 13, the ratio stood at 45.2%, equivalent to futures volume of roughly 2.2 times spot volume.
The current futures-to-spot multiple is therefore more than five times larger than it was in mid-April.
The price comparison makes the shift more notable.
ETH is currently trading around the $2,400 area, close to levels seen in late April, yet the balance between spot and futures activity has changed dramatically.
Ethereum has effectively returned to a familiar price zone with a far more futures-heavy trading structure.
The longer-term contrast is even sharper.
On November 14, 2025, the ratio reached 114%, meaning spot volume slightly exceeded futures volume.
By comparison, the current 8.63% reading shows a near-complete reversal in the balance of activity.
Those earlier periods also preceded significant price declines.
ETH fell roughly 45% between November 14 and February 6, while the April 13 reading was followed by an approximately 35% decline through June 6.
These episodes do not establish a predictive relationship, but they highlight how different the current market structure has become.
The key takeaway is therefore structural rather than directional: ETH is trading near a price zone seen before, but the composition of activity on Binance has changed sharply, with futures volume now dominating spot trading by nearly 12 to 1.
Written by Amr Taha

The chart points to a consolidation phase for BTC. The Exchange Whale Ratio falling to 0.39 shows that whales account for a smaller share of BTC inflows to exchanges compared with the previous period. This is important because large BTC transfers from whales to exchanges often signal increasing potential selling pressure. Therefore, the current level suggests that direct selling pressure from whales remains limited.
The fact that SOPR is exactly at 1 indicates that spent coins are generally moving at prices close to their cost basis. In other words, investors are currently neither taking significant profits nor selling at large losses. This also helps explain why whale BTC transfers to Binance have declined.
NUPL confirms that BTC investors are generally in profit, but the market hasn't yet reached extreme optimism territory. This suggests that there's still room for further upside. If NUPL continues to rise alongside price, it would strengthen the signal that the uptrend remains healthy.
NRPL remains positive, but it has declined significantly from previous highs. This suggests that profit taking has weakened recently. In other words, selling pressure in the market may be decreasing.
Although the number of investors in profit has increased, there's still no clear sign of heavy profit taking or significant whale driven selling pressure. Therefore, the current data appears medium term positive, while short term consolidation remain likely.
If the Whale Ratio continues to fall while NUPL, SOPR and NRPL remain controlled, it would suggest that sellers aren't particularly strong. If SOPR moves back above 1 and NUPL continues to rise the path could open for another upward move in BTC.
In short, there's no major profit taking alarm yet. Declining selling pressure a still moderate NUPL level and a falling Whale Ratio are supportive for BTC's price. If this structure remains intact,the probability of an upward move following the current consolidation appears stronger.
Written by PelinayPA

Ethereum Realized Price: $2,307!
Closes below this level put investors underwater, and unhappy stories start piling up. Without profitability, the ground can't form for new investors to step in — and new investors are the catalyst every bull market needs.
A critical level is being tested in the first week of September. Do you think ETH can hold above its Realized Price?
Written by burakkesmeci

The Ethereum MVRV metric stayed below 1.00 for a full 200 days leading up to August 21, 2026. This means investors were broadly underwater for 200 straight days. But after that long stretch of pain, Ethereum climbed back above its Realized Price — above $2,300 — and ETH holders finally started smiling again.
ETH is currently trading at $2,404. If it can hold above the Realized Price, the ground can form for new investors to step in.
Written by burakkesmeci

Binance remains the most consistent destination for altcoin deposits among the exchanges shown. Its 7-day inflow transaction count accounts for the largest contribution through much of the chart, while Coinbase's activity is more concentrated in sharp bursts. Bybit and OKX remain comparatively smaller.
Beneath price, this suggests Binance retains a durable role in altcoin deposit activity across rallies, corrections and quieter market conditions. Its leadership extends beyond isolated periods of speculative excitement.
This metric measures deposit transactions; it does not establish capital inflows in dollar terms, unique investor participation or buying demand.
Coinbase's strongest expansions provide another layer of context. Several appear around local Bitcoin highs, including March 2024, late 2024 and parts of late 2025. One possible interpretation is that elevated prices encourage holders to move altcoins onto exchanges for trading, portfolio rotation or profit-taking. These bursts may therefore reflect more intense activity and potentially greater selling pressure.
At the right edge of the chart, Binance remains the main contributor, while deposit activity is well below the strongest earlier surges. Its persistent lead therefore coexists with a quieter environment for altcoin transfers onto the displayed exchanges.
The key development to monitor is whether the next expansion remains concentrated on Binance or brings another sharp increase in Coinbase's relative contribution. If that broadening occurs as Bitcoin approaches fresh local highs, it would strengthen the case for closer scrutiny of profit-taking pressure. Binance's lasting leadership provides the reference point for identifying those changes in market behavior.
Written by MorenoDV_

Bitcoin rose from approximately $63,463 to $77,313 between August 3 and September 2, gaining 21.8%. Open interest also increased from $22.11 billion to $25.25 billion, but its 14.2% growth lagged behind the price increase.
More importantly, CryptoQuant’s Estimated Leverage Ratio declined from 0.262 to 0.221, a 15.4% decrease. The current ratio is near the 5.6th percentile of its 180-day range, suggesting that traders are using relatively low leverage despite increased derivatives activity.
This divergence matters. Dollar-denominated open interest has grown, but much of that increase can be attributed to Bitcoin’s higher price. In BTC-equivalent terms, the actual size of outstanding positions likely declined. The rally therefore appears less dependent on excessive leverage than the headline open-interest figure might suggest.
However, the market is not entirely risk-free. Open interest is at the 76.7th percentile of the past 180 days, while the funding rate remains positive at approximately 0.0070%, placing it in the 85.6th percentile. Long sentiment is strong, even though average leverage remains low.
Overall, the current structure looks relatively healthy: price and participation are rising without a comparable increase in leverage. The key warning signal would be a rapid recovery in the leverage ratio while open interest and funding rates continue climbing. That combination would indicate greater liquidation risk.
Written by 우민규 Woominkyu

Bitcoin has recently followed the bearish signals of the latest Quicktake and posted further downside. Contrary to the primary scenario, however, the declines did not develop into sustained selling that would have approached the $51k targets.
Instead, after the short squeeze on 19 August the price was able to transition into a larger bullish breakout and has since stabilized at elevated levels near $80k. This move now requires examination of a possible emerging uptrend and a premature cyclical trend reversal.
In the short term, the risk of a top forming is rising again. Similar to the last Quicktake, technical indicators are once more increasingly printing sell signals. Further bullish volatility remains quite realistic in order to reach the $83k–$86k area; at the latest there, however, corrections would have to be factored in.
Should Bitcoin succeed in establishing an initial five-wave upward impulse (yellow “(1)” – “(5)”), and thus complete a first impulse wave i (pink) before correcting into wave ii (pink), a subsequent trend-reversal / buying zone would lie below $70k, with an optimal target around $67k.
If, by contrast, the decline produced high momentum and stronger sell signals, buys at $67k would not be executed; instead, $51k would again become the focus for the largest purchases.
Written by STASolutions

BTC has been holding above key levels for about a week now.
Price is sitting above both the ETF and STH cost basis. Looks decent so far. Usually, once we clear this area, short-term holders feel less pressure to dump at break-even.
As for LTHs, their position is way down below 49K, so there's not much selling pressure coming from that side right now. The real issue is active buying.
Pushing above the cost basis lines is a positive sign, but if new money doesn't step in, this could easily just be a bounce driven by local supply exhaustion. Holding 73.5K is step one, but fresh capital stepping in is what's actually needed.
I'm leaning towards just watching to see if the price can truly hold this zone, especially now that BTC ETF inflows have returned.
Written by Rei Researcher

We were able to observe a slight recovery in liquidity during August, reflected in stablecoin flows moving toward exchanges.
In August, Binance recorded more than $1 billion in net stablecoin inflows, a figure that may appear significant but remains relatively modest compared with the scale of the movements that can occur on the platform.
Overall, however, the trend since the beginning of the year remains fairly negative, with approximately $5.1B in net stablecoin outflows recorded on Binance, which currently accounts for around 71% of stablecoin flows across all exchanges.
Over the same period, more than $16 billion in stablecoins have left the reserves of major exchanges.
When stablecoins leave exchanges in this manner, it suggests that liquidity continues to leave the crypto market rather than remaining idle and awaiting redeployment. Investors appear to be withdrawing their funds, while exchanges see their stablecoin reserves decline as demand continues to weaken.
Despite this, and following a period dominated by negative flows, Bitcoin managed to deliver a performance of approximately 25% in August, allowing it to move back above the $75,000 level, which it is now attempting to consolidate.
Nevertheless, after this period of declining interest, it is crucial for demand to recover sustainably. Otherwise, BTC could enter another corrective phase.
Written by Darkfost

Binance data shows a significant improvement in the relationship between XRP’s price movement and buy/sell order flows, with the CVD Confirmation Score remaining in positive territory. According to the data, the 30-day correlation coefficient between XRP’s price and CVD movement stands at approximately 0.43, while the price has stabilized around $1.30.
The positive correlation coefficient reflects a moderate relationship between price movements and CVD changes, indicating that XRP’s recent price action has been partly driven by spot market trading activity. However, the CVD reading itself remains negative at around -8 million, suggesting that aggressive selling pressure persists despite the improvement in price.
The data shows that XRP experienced a strong rally during the second half of August, rising from levels near $1.00 to above $1.50 before gradually declining to its current levels. In contrast, CVD has remained highly volatile, reflecting ongoing fluctuations in the balance between buying and selling pressure.
The current reading suggests that XRP’s upward movement still requires stronger confirmation from order flows. If CVD moves into positive territory while the correlation continues to improve, it could provide a stronger indication of sustained upward momentum. Conversely, if CVD remains in negative territory, it could increase the likelihood of corrective pressure on the price, especially if the correlation coefficient weakens again.
Written by Arab Chain

In October 2025, BTC topped out at $120K and the bear cycle began.
For the past 11 months, the market has been saying only one thing: sellers were selling at a loss or at breakeven.
After everyone who wanted out got out, Bitcoin hit $58K in July — roughly half its all-time high. A potential bottom.
And now, the players driving this market are finally making their move, attempting to flip the cycle from bearish to bullish with one decisive push.
Profit-taking is showing up on every surge, and yet the market is holding. That is a clear break from the last 11 months.
Written by Crypto Dan

The Stablecoin Supply Ratio Oscillator (90D) surged into the Strong stablecoin purchasing-demand zone.
The oscillator peaked at 3.74 on August 21, close to the November 2024 spike near 4.00.
Since then, it has started to cool, while BTC trades near $77K.
This matters because the rebound coincided with a strong liquidity impulse. The next test is persistence, not the spike itself.
If the 90D reading continues to fade and moves back below the High zone, confirmation from this oscillator would weaken.
Key takeaway:
The stablecoin-side demand signal moved sharply higher, but the 90D oscillator is already cooling from its 3.74 peak. Unless it holds in the High zone, the move looks more like a liquidity impulse than a durable demand regime.
Written by Zizcrypto

Observation. Bitcoin closed at $77,396 on September 1 — 3.6% below $80,262. The last seven sessions held between $77,396 and $80,262.
Context. NVT Golden Cross averaged 0.18 last week, up 195% WoW and 159% versus the quarterly baseline. The ratio appears to be rising less because valuation expanded than because settled transfer value thinned beneath a flat price. NRPL fell to $343M (-60% WoW), versus $763M (+0.5% WoW). Profit realization looks to be decelerating rather than reversing.
Comparison. Binance netflow averaged +557 BTC daily, including +2,537 BTC on September 1, while aggregate exchange netflow ran -1,880 BTC. Coinbase drained -1,469 BTC on average with three sessions beyond -3,200 BTC. Bybit (-140) and Bitget (-33) drained alongside; OKX (+168) and Upbit (+55) turned positive at negligible size. Binance stablecoin netflow averaged +$1.09M (+101% WoW) — directionally supportive, but small enough that it may describe a stabilizing bid rather than an expanding one.
Caveat. MPI at 0.03 (-97% WoW) and the age-banded Binance inflow series rest on near-zero denominators — percentage change there is not information. Funding held flat at 0.01 across all fourteen sessions.
What this may set up. A firm price against a shrinking transfer base, decelerating profit-taking, and a Coinbase Premium Index at -0.05 suggests supply pressure easing into a bid that has not yet widened. Historically this configuration has preceded continued ranging more often than immediate extension. A firmer case may require the premium holding above zero while Binance stablecoin netflow scales beyond token size.
Written by CryptoOnchain

Data from Binance shows a significant improvement in the Bitcoin Log Cycle Z-Score, which measures Bitcoin’s price position relative to its long-term historical trend The index rose to approximately -0.20, marking its highest level since November 2025. This recovery comes after the index experienced a significant decline in recent months, falling to levels below -3.
A value of -0.20 indicates that the index remains in negative territory but is now very close to the zero level, reflecting a clear improvement in Bitcoin’s price position relative to its historical upward trend. Approaching the neutral zone is significant, especially if the index continues to rise alongside further price gains.
The indicator gains even greater importance when considered alongside Bitcoin’s price action on Binance. The Z-Score rose as Bitcoin stabilized above $70,000, indicating a gradual improvement in its position within the current market cycle. However, this rise does not necessarily mean that Bitcoin has entered a strong bullish phase.
the current reading reflects a noticeable improvement in Bitcoin’s position within the logarithmic cycle pattern on Binance, but the move needs confirmation from other market indicators before it can be considered a strong bullish signal.
Written by Arab Chain

A) On the weekly timeframe, Bitcoin’s price is very close to closing above both the SMA50 (blue line) and the AVWAP anchored to the latest halving (orange line).
B) The last time this occurred after a bearish trend was in March 2023.
Written by Facundo Fama