Yesterday we saw how #Bitcoin exceeded all types of investor expectations, growing exponentially in a matter of hours, reaching a maximum peak of $35,280 according to #Binance . What does the on-chain data show before this rise in Bitcoin? Let's go for it.
Yesterday was a day with a lot of movement in the market, especially for the asset with the highest market capitalization, which was explained by the recent optimism among investors due to the possible approval of the first #ETF Bitcoin spot.
That said, there was strong resistance at 32k, which was very close to the previous limit reached last July. In July we saw that the move was caused by Blackrock's Bitcoin spot ETF filing with the SEC. The movement can be seen in "Graph 1".
Given this perspective, many investors were waiting for the right moment to buy/sell, so they began to position themselves. Thus, the order book of the BTC/USDT pair began to move before the upward price movement. That is why the total amount of "buy and sell" orders on Binance exceeded $100 million twice in one hour. We can see this movement in "Chart 2" through the purple line provided by tokenInsight.
The movement of "Bids" or "buy" orders alone exceeded $90 million on Binance twice. A movement much higher than that of other centralized exchanges. We find these data in "Graph 3".
We also see this reflected in the spot trading volume on Binance, which experienced growth yesterday. This level is comparable to last July, where it reached similar levels. We see the spot trading volume in "Graph 4".
Additionally, the two pairs with the highest market share on Binance in the last 24 hours are BTC/USDT and BTC/FDUSD, exceeding $7.5 billion. We record these data in "Graph 5".
The movement of Bitcoin brought with it greater activity in the market, which can be reflected in the increase in volume in the last 24 hours. Optimism is felt among investors, in addition to other elements that increase the odds of owning a Bitcoin spot ETF. So far the United States Securities and Exchange Commission (SEC) and Blackrock have not said anything about it. We just have to wait for dates and an official announcement as such.
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