đ #Bitcoin : Binance recorded a net outflow of â13,878 BTC on Sep 22, its sharpest daily outflow of the past 30 days. Cumulative netflow since then is about â23.7K BTC over 11 days.
đ The all-exchange supply ratio is at 0.13, around the 20th percentile of the past year. That suggests less BTC is sitting on exchanges.
âïž Binance funding rates remain near 0.00â0.01%, about 1Ï below their 90-day baseline. Leverage doesn't appear to be the main driver of this move.
â ïž Counterpoint: Coinbase Premium is still negative, which may reflect softer US spot demand. The estimated leverage ratio has also been trending higher over 30 days.
đ $BTC is at $84.5K, up 40.9% over 90 days and 18.5% above its 200D SMA. It is still 32% below the ATH.
đ For now, the clearest reading is that exchange outflows and low funding create conditions that may favor spot-led strength. A persistent shift to positive Binance netflow is the signal to watch.
#BTC #Binance #OnChain #Bitcoin
đ The all-exchange supply ratio is at 0.13, around the 20th percentile of the past year. That suggests less BTC is sitting on exchanges.
âïž Binance funding rates remain near 0.00â0.01%, about 1Ï below their 90-day baseline. Leverage doesn't appear to be the main driver of this move.
â ïž Counterpoint: Coinbase Premium is still negative, which may reflect softer US spot demand. The estimated leverage ratio has also been trending higher over 30 days.
đ $BTC is at $84.5K, up 40.9% over 90 days and 18.5% above its 200D SMA. It is still 32% below the ATH.
đ For now, the clearest reading is that exchange outflows and low funding create conditions that may favor spot-led strength. A persistent shift to positive Binance netflow is the signal to watch.
#BTC #Binance #OnChain #Bitcoin
