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

Something shifted on July 21. After two weeks of XRP grinding sideways between $1.07–$1.11, price broke to $1.143 the same day Binance saw over $2.35M in short liquidations — the largest single-day short wipeout in recent data, well above the July 13 long flush ($2.95M) that briefly pushed funding negative.
What stands out isn’t just the squeeze, but the backdrop. Binance spot activity has been thinning for weeks: inflows and outflows are both down roughly 98% vs. monthly and quarterly baselines, and deposit addresses have fallen over 96% in the same window. Meanwhile, Open Interest kept climbing — up 5.3% week-over-week to $428.9M — with leverage near the higher end of its recent range at 0.164.
In short, positioning has been building in a market where very little spot liquidity is changing hands. Rising leverage against a shrinking tradable float tends to make price more reactive to squeezes in either direction, since there’s little organic flow to absorb the move.
Adding to this, NVT has climbed 44.7% vs. the 3-month average while total transactions are down about 34% — valuation running ahead of network usage, not bearish alone, but worth watching if price keeps drifting up on thin volume.
None of this confirms a reversal. Funding stays modest (0.001), down 57.6% week-over-week though elevated vs. longer baselines, and price is still around 12.5% below its 3-month average. A leverage-fueled bounce alongside collapsing spot participation has historically been prone to reversing quickly. It’s worth watching whether spot inflows return to validate the move, or whether this proves to be another short-lived derivatives-driven spike.
Written by CryptoOnchain

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

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

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

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

According to the latest chart, Binance's Ethereum spot price is trading at approximately $1,920. The price has reached the Price Channel resistance zone. First of all, the Binance spot price used in this analysis is one of the most reliable reference prices for Ethereum. This is because Binance has the highest trading volume and liquidity in both the spot and derivatives markets. Therefore, using the Binance price when evaluating technical levels provides a more accurate reflection of the market's actual supply and demand dynamics. Looking at previous price movements, whenever the price touched the upper boundary of the Price Channel, the upward trend came to an end and profit taking selling pressure emerged.
In addition, although the Fund Market Premium indicator remains in positive territory, suggesting that buying interest in the futures market has not completely disappeared, this alone does not guarantee further price appreciation. At the same time, the absence of a significant surge in Fund Volume indicates that the current rally is not being supported by strong new capital inflows.
Therefore, when all the data on the chart are evaluated together, the fact that the Binance price has reached the Price Channel resistance increases the likelihood of selling pressure emerging from this level and raises the probability of a downward correction.
As long as the channel resistance remains unbroken, the technical outlook suggests that, rather than expecting further upside, traders should closely monitor the potential selling pressure that could develop around this resistance area.
Written by PelinayPA

$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

It's now been more than 900 cumulative hours since the Coinbase Premium Index last turned positive.
This dynamic reflects the pessimism toward Bitcoin currently held by institutional and professional players in the crypto market.
To fully understand what this implies, it helps to know that the Coinbase Premium Index is an indicator comparing Bitcoin's price between Coinbase Advanced and Binance. Coinbase Advanced is a platform intended exclusively for professionals and institutions, so activity on it offers a window into how these larger investors are behaving.
Binance, by contrast, is the platform used by all types of investors and remains widely used by retail. It's the exchange with the strongest activity by far in terms of spot and futures volume.
When the Coinbase Premium Index trends negative, as it has recently, it signals that institutional selling pressure is intensifying more sharply than on Binance, mechanically dragging the price down.
Being professionals, their behavior in the Bitcoin market mirrors how they operate in traditional markets, preferring to limit risk when the macroeconomic or geopolitical backdrop turns unstable.
That's exactly the kind of environment we're in right now, with sticky inflation, surging oil prices weighing on growth, combined with the Fed and its new chairman appearing less transparent about monetary policy projections.
This combination is what's keeping institutional selling pressure going, as we're still seeing today.
Written by Darkfost

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

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