CryptoQuant Quicktake

Bitcoin appears to have entered a new bull-market regime after a ~24% rally from the mid-$60Ks to a high near $80–81K. Spot demand, ETF flows, and market momentum have turned decisively bullish, but elevated profit-taking, exchange inflows, and overbought conditions suggest a potential near-term cooldown.
Key Data
Price action: BTC rallied ~24% since Aug. 17, reaching above $80K — its highest level since mid-May — before consolidating around the high $78Ks to low $80Ks. This was its strongest weekly gain in more than three years.
Regime shift: The Bull Score jumped from 30 to 80 in one week, with 8 of 10 metrics now bullish. Spot demand is expanding at its fastest monthly pace since late December, while spot and futures demand are rising together for the first time since early October 2025.
ETF flows: U.S. spot Bitcoin ETFs recorded roughly $1.92B in net inflows from Aug. 17–21, their strongest week in 10 months. Inflows continued with another $337.6M on Aug. 24, marking six consecutive inflow days. August MTD inflows now stand near $2.7B.
Derivatives: Funding rates remain modestly positive at around 0.01%, without signs of excessive leverage. Coin-denominated open interest cooled as traders deleveraged into the rally, while dollar-denominated OI rose alongside price. Large short liquidations earlier in the week helped accelerate the squeeze.
On-chain caution: Trader unrealized profit margins surged to 20.5%, their highest level since June 2025. Whales realized a record ~$614M in profits on Aug. 20. Rising BTC, ETH, and XRP exchange inflows also point to increasing near-term distribution pressure. Fear & Greed remains in the Greed zone at ~73.
Takeaway
This looks increasingly like a genuine regime shift into the early phase of a new bull market, driven more by improving spot demand and institutional ETF buying than by excessive leverage.
A sustained close above the ~$83K 365-day moving average w
Written by theophiluspep

• Each time Supply in Loss exceeded 10M BTC and then closed below its latest higher low, the last major price decline marked the bottom.
• Supply in Loss closed below its last higher low after exceeding 10M BTC and marking the $57K low. This suggests a potential trend reversal and that the bottom may already be in.
Written by Facundo Fama

Binance recorded more than $470 million in net USDC inflows on August 24, its largest positive USDC netflow since March 3.
The nearly six-month high followed the strongest week for US spot Bitcoin ETF inflows in 10 months.
The two liquidity signals coincided with an exceptional Bitcoin rally. BTC gained approximately 23% during the week ending August 21—its largest weekly increase in more than three years—before surpassing $80,000 and reaching a three-month high on August 25.
Bitcoin ETFs Attract $1.92 Billion
The seven-day average of US spot Bitcoin ETF net flows reached 3,820 BTC on August 21, its highest reading since early January.
This represents approximately 26,700 BTC in net inflows over the seven-day period.
In dollar terms, the funds attracted around $1.92 billion between August 17 and August 21, according to Farside Investors data.
All five trading sessions recorded positive flows, making it the strongest ETF inflow week since early October 2025.
Binance Records Largest USDC Netflow in 174 Days
Three days later, Binance received more than $470 million in net USDC inflows—the platform’s highest reading in 174 days.
Positive stablecoin netflows increase the dollar-linked liquidity available on an exchange for trading.
ETF flows and exchange stablecoin netflows measure different activities and should not be combined into a single capital-flow total. Their simultaneous strength nevertheless shows that Bitcoin’s rally coincided with improving liquidity across two separate market channels: regulated investment products and exchange-based stablecoin balances.
Whether this liquidity continues to support the market will depend on the persistence of ETF inflows and how the newly deposited USDC is ultimately deployed.
Written by Amr Taha

The past few days have been marked by a blistering rally in $BTC, which posted a maximum performance of nearly 30% over the period.
A move of this magnitude was never going to leave Altcoins indifferent.Far from merely tracking the trend, they amplified it significantly.
Over the same period, Altcoin market cap, measured via Total2 to exclude ETH from the equation, climbed by approximately $135B. A substantial sum given the short timeframe, reflecting the intensity of capital flowing into this segment of the market.
It’s at the volume level, however, that the dynamic becomes most telling.
On Binance, which alone accounts for nearly 40% of Altcoin trading volume across exchanges, it was precisely these assets that overwhelmingly dominated the rally, pushing BTC and ETH into the background in terms of trading activity.
At their peak, Altcoins accounted for as much as 65% of volume on Binance, an unprecedented level of dominance over the past two years. At that same moment, BTC represented just 21% of volume, and ETH 13.6%.
This divergence speaks volumes about how liquidity is currently being redistributed across the market.
After a prolonged stretch of low volatility and subdued volume, it’s Altcoins that have captured investors’ attention and capital, potentially signaling a broader resurgence of risk appetite across the market.
Written by Darkfost

Net inflows of stablecoins began to decline after the end of April and have maintained a trend of net outflows.
During this time, $BTC showed a downtrend and continued to fall to around 58k.
However, as net outflows from stablecoins recently decreased and inflows began, $BTC started to rise. Furthermore, a transition from a long-term trend to a net inflow trend is approaching.
In general, Bitcoin's rise accelerated further following this net flow golden cross.
The rise of $BTC will accelerate further, and the upward trend will continue until the increase in the net inflow trend of stablecoins stops.
As long as funds flow in, the market will maintain a bullish trend. And when the funds inflow trend stops, it will undergo a correction.
Written by CW8900

XRP futures trading volume across Binance, Bybit, OKX and Bitget surged to $11.37 billion on Aug. 22, the highest level since Feb. 5, just one day after large XRP exchange withdrawals reached 231 million XRP following a 4.3x increase in 48 hours.
The simultaneous jump came during a sharp XRP price rebound of roughly 45%, putting exchange flows, derivatives turnover and price activity at their strongest combined levels in months.
Large-transfer outflows — transactions exceeding 1 million XRP each — climbed from
54 million XRP on Aug. 19 to
114 million on Aug. 20 and
231 million on Aug. 21.
Derivatives activity accelerated immediately afterward.
Binance recorded $5.63 billion in XRP futures volume on Aug. 22, followed by Bybit at $2.35 billion, OKX at $2.04 billion and Bitget at $1.35 billion.
Combined volume across the four exchanges was about 17.5% higher than on Feb. 5. The increase was also broad-based: compared with Feb. 5, XRP futures volume was roughly 60% higher on Bitget, 51% higher on OKX and 15% higher on Bybit, while Binance was around 3.5% higher.
The data does not establish whether futures traders were predominantly long or short, nor do exchange withdrawals alone confirm accumulation.
What stands out is the scale and timing: large XRP withdrawals quadrupled within two days before derivatives trading activity reached its highest level in more than six months as price moved sharply higher.
Written by Amr Taha

Bitcoin is rebounding strongly, and market sentiment is recovering just as quickly.
The Bitcoin Fear & Greed Index has climbed to 73, placing sentiment firmly in the Greed zone and above the chart’s long-term 75th percentile.
The index measures whether market participants are leaning toward fear or greed. Lower readings indicate stronger fear and weaker risk appetite, while higher readings reflect growing optimism and willingness to take risk.
What stands out now is not only the level, but the speed of the shift.
During the first half of 2026, the index repeatedly fell into the 10–20 range as sentiment remained deeply depressed. With BTC’s recent rally, however, sentiment has rapidly recovered to 73.
This suggests that confidence in Bitcoin and overall risk appetite have returned quickly.
But a high Fear & Greed reading is not automatically bearish.
During strong uptrends, sentiment can remain in Greed for extended periods while price continues higher. Elevated optimism can therefore reflect strong momentum rather than an immediate market top.
The more important question is whether price can continue supporting that optimism.
If BTC remains strong while Fear & Greed stays elevated, it would suggest that improving sentiment is being supported by real demand and continued buying pressure.
If sentiment remains highly optimistic while BTC begins losing momentum or important price structure, the interpretation becomes more cautious. Expectations may then be running ahead of price, increasing the risk of FOMO-driven overheating and short-term profit-taking.
So Fear & Greed at 73 should not be read simply as:
“Greed is high, therefore Bitcoin will fall.”
Nor does improving sentiment guarantee further upside.
The data tells us that market psychology has shifted rapidly from fear toward optimism.
What matters next is whether Bitcoin can continue justifying that optimism through price strength.
Written by Trdaer_Gemini

Bitcoin is rising sharply, but miner activity has also shown an unusual spike.
During the latest rally, the Miners' Position Index (MPI) briefly surged to around 2.8. MPI compares total miner outflows in USD with their one-year moving average, so a high reading means miners are moving significantly more BTC than their historical baseline.
Over the past year, MPI has spent most of its time below 2, making the recent spike relatively unusual.
This does not mean miners immediately sold all of that BTC. Miner outflows can occur for several operational reasons, so MPI should not be treated as a direct sell signal.
The more important question is whether market demand can absorb the additional miner-side supply.
If Bitcoin remains strong after the MPI spike, it would suggest buyers are absorbing that supply. In that case, elevated miner outflows may be less bearish than they first appear and could even highlight strong underlying demand.
If price momentum weakens and BTC begins losing key support, the interpretation changes. The recent burst of miner outflows could then become additional supply pressure contributing to a correction.
Another important detail is that MPI has already fallen back to around 0.7 after briefly reaching 2.8. This suggests the extreme outflow was a temporary spike rather than sustained miner pressure.
So the current setup is better viewed as:
Large MPI spike + strong price = supply may be getting absorbed.
Large MPI spike + weakening price = miner supply may be adding correction pressure.
Miners clearly moved an unusually large amount of BTC during the rally. What matters now is whether Bitcoin can continue holding its strength after absorbing that temporary increase in supply.
MPI shows the supply-side pressure. Price action will tell us whether that pressure actually matters.
Written by Trdaer_Gemini

Ethereum derivatives on Binance are experiencing a significant increase in funding rates, indicating a surge in demand for leveraged long positions in recent days. According to data, the funding rate has climbed to approximately 0.01, its highest level since August 2025, coinciding with Ethereum trading near $2,400.
This rise in funding rates reflects a clear shift in investor sentiment in the perpetual contracts market. A positive funding rate means that long-position holders pay funding fees to short-position holders. The higher the rate, the greater the cost of maintaining long positions, which typically indicates increased expectations for continued price growth.
This development coincides with Ethereum’s improved performance, as the cryptocurrency staged a strong rally in August, surpassing $2,400. The surge was fueled by improved risk appetite and a return of investment flows into Ethereum spot products. Recent market data also points to a significant shift in derivatives activity on Binance toward long positions, further reinforcing the current positive outlook.
However, high funding rates are not necessarily a purely bullish signal; they could also reflect a buildup of long positions and an increased risk of liquidations if the price experiences a sudden pullback. Therefore, Ethereum’s continued rise, coupled with elevated funding rates, will be a crucial factor in confirming the strength of the current trend, while a price reversal could put additional pressure on leveraged traders.
Written by Arab Chain

Although it is a very short-term observation, as illustrated in the image chart, the funding rates (FR) on OKX and Bybit have temporarily dipped into negative territory, whereas Binance's funding rate does not appear to have exhibited a similar degree of downward movement. This subtle divergence in derivative market sentiment across major exchanges suggests that there might still be potential room for an upward price movement toward the $80,000 level.
Written by nino

• Overall, despite similar price weakness, several of Ethereum's underlying fundamentals are stronger during the June 2026 decline than they were in April 2025 during the tariff war, which is why this recovery is taking place in a more solid context for ETH.
Written by Facundo Fama

• On the weekly timeframe, the last time Supply in Loss closed below its previous higher low after exceeding 10M BTC in loss (2023), it marked a trend reversal.
Written by Facundo Fama

$659 million in Short positions were liquidated on August 19, 2026 as the BTC price rose above $70k
This is the third-largest short-selling event in history, having a major impact on the sentiment of short sellers.
Written by G a a h

Observation
XRP closed at $1.520 on August 23, roughly 53% above the $0.993 low set on August 16, and near the upper bound of its six-month range.
Context
The move looks positioning-led rather than supply-led. Binance short liquidations averaged $7.31M over the past week, up about 2,511% vs. the 90-day baseline, while the estimated leverage ratio hit 0.213 — both six-month highs. Trading volume rose roughly 1,278% against the quarterly baseline.
Comparison
The spot side has not kept pace. Binance reserves sit essentially flat at 2.62B XRP (−1.4% vs. the 90-day baseline), suggesting limited inventory redistribution. On-chain activity is supportive but not decisive: transactions rose to 2.27M (+57% vs. 90d), active accounts increased 26%, and NVT fell 45%.
A key risk emerged on August 23: long liquidations reached $24.6M — a six-month record — exceeding short liquidations ($13.0M) on a day price closed higher, suggesting a mid-rally flush of over-extended longs rather than one-directional pressure.
What this may set up
A rally carried by short covering and record leverage, while exchange reserves stay broadly undisturbed, describes a market where fuel has shifted from latent to committed. Historically, leverage at range highs alongside subdued spot participation has preceded either a consolidation that lets funding cool, or a sharper two-way flush if spot demand does not step in behind the move.
Written by CryptoOnchain

Following Bitcoin’s sharp upward move toward the 80K mark, a critical shift is emerging in market dynamics. The sudden jump in the Binance Perpetual - Spot Price Gap, pushing the metric into positive territory, highlights heavy buying pressure in the futures market.
What Does This Metric Represent?
Measuring the divergence between perpetual and spot prices on Binance, this indicator helps track positional differences between derivative and spot traders:
- Red Candles (Spot Dominant): Indicate that the spot price is trading higher than the perpetual contract. This reflects a healthy structure where futures prices are suppressed while spot demand remains strong or stable.
- Green Candles (Futures Dominant): Indicate that the perpetual price has surged above the spot price. This signals that the price increase is being driven primarily by leveraged long positions rather than organic spot buying.
Current Outlook: Futures Overheating and Risk Factors
Following a prolonged upward trend, the metric crossed a critical threshold on August 23. With the perpetual price surpassing spot, green bars have taken control of the chart.
This structure confirms that current upside momentum is backed by excessive leveraged long pressure. Price expansions driven purely by aggressive futures longing without adequate spot market absorption leave the market vulnerable, often presenting market makers with opportunities for downward liquidity clears (sell-offs or pullbacks).
Whether this overheating in the futures market gets absorbed by incoming spot demand will be pivotal for price sustainability in the coming days.
Written by BorisD

ETH is trading around $2,480–$2,520 after a sharp ~30% weekly surge from the $1,870–$1,920 consolidation zone.
The rally appears to have been driven primarily by a short liquidation cascade rather than pure spot demand. Aggregate short liquidations surged over 1,500% WoW, forcing a rapid repricing higher, while long liquidations remained relatively subdued.
Key signals:
Network activity reactivated: Base fees, total fees, and ETH burned increased sharply as price rallied, reversing months of fee compression.
Funding turned positive: Funding rates shifted into a modestly positive territory, while taker buy volume edged ahead.
Exchange deposits remain smaller: Average deposit size is ~40% below the 90-day baseline despite higher total inflows, suggesting supply is arriving in smaller tranches rather than large whale-sized deposits.
ETF flows remain supportive: Spot ETF inflows have remained strong, with weekly inflows approaching $700M, although some larger holders are beginning to take profits after the rapid move.
Structure: ETH has reclaimed the $2,500 psychological level, but daily RSI is deep in overbought territory at ~79–80. This increases the probability of a short-term cooldown or consolidation before another sustained move toward $2,750–$3,000.
Netflows remain choppy, pointing more toward venue rebalancing than clear directional distribution.
Bottom line: The liquidation cascade and renewed network activity strengthen the rally, but shrinking deposit sizes and overbought conditions suggest the easy upside may be fading.
Holding $2,400–$2,450 keeps the higher-timeframe structure constructive. A decisive daily close below this zone could trigger a deeper reset.
Written by theophiluspep

Retail-linked coins are moving back to Binance, but the most relevant signal is not simply the size of the latest print, but the persistence of the move.
As of August 20, Binance Retail Inflow reached $7.54B on a 30-day rolling basis.
At the latest observation, component flows totalled roughly $140.5M. Of that amount, $113.1M (80.5%) came from the 10–100 BTC band and another $26.0M (18.5%) from the 1–10 BTC band. Together, these two cohorts represented 99.0% of the observed flow, while transfers below 1 BTC contributed only about $1.4M.
This is not primarily a “small-wallet panic” signal. It points instead to the upper end of the retail-labelled cohort moving meaningful inventory toward Binance.
The timing adds another layer. Inflows accelerated after BTC’s recent rally toward $80K, suggesting that renewed price strength may have encouraged holders to move coins that are potentially in profit. Rather than capitulating into weakness, some investors may be using the rebound to secure gains, or positioning inventory on Binance in preparation to do so.
Exchange inflows alone cannot confirm this because the metric does not reveal each coin’s acquisition price. Exchange Inflow SOPR, realised price by cohort and coin-age data would be needed to establish whether profits are actually being realised. Still, rising prices combined with persistent exchange-bound flows make profit-taking a credible explanation.
Unlike the June 1 sell-off, when inflows appeared as a sharp, isolated spike, the latest move has extended across several consecutive sessions. That persistence is more consistent with an ongoing shift in holder behaviour than with a single reactive event.
What to watch:
If these flows persist while BTC struggles around $80K, profit-taking could cap rebounds and reinforce short-term downside pressure. If inflows fade and price absorbs the available supply, the bearish interpretation would weaken.
Written by MorenoDV_

Combined trading volume across Binance’s BTC, ETH and XRP USDT spot and perpetual markets reached approximately $64.21 billion on August 21, the highest daily reading since June 5.
Perpetual contracts accounted for $58.4 billion, or roughly 91% of the total, exceeding the combined spot volume of $5.81 billion by about 10 times.
Compared with June 5, perpetual volume increased 9%, while spot activity rose just 1.2%, indicating that the return to higher turnover was concentrated primarily in derivatives.
XRP recorded the strongest acceleration among the three assets.
Its combined spot and perpetual volume climbed to $2.41 billion from $1.11 billion on June 5—an increase of approximately 118%.
XRP perpetual volume rose 127% to $1.8 billion, while spot volume increased nearly 95% to $611 million.
Bitcoin’s combined volume also advanced 15.9% to $38 billion. Ethereum moved in the opposite direction, declining 6.5% to $23.8 billion despite the 8.2% increase in aggregate activity across the three assets.
The data shows a clear return of high trading turnover on Binance, led by perpetual markets .
Written by Amr Taha

For the first time this year, funding rates on Binance have shifted toward a predominance of long positions.
This hasn't happened since the October 2025 top, when funding rates remained consistently below the 0.01% threshold, signaling a dominance of short positions and reflecting the pessimism among traders.
With $BTC delivering a 27% performance over the past 7 days, funding rates have finally turned positive again (>0.01%).
Contrary to popular belief, a funding rate at 0% doesn't indicate a neutral market, it actually reflects short dominance.
On Binance and on other platforms, the calculation formula factors in a base interest rate of 0.01%, which represents the true neutrality threshold. Below that level, shorts dominate, above it, longs take over.
This shift is particularly notable as it follows several episodes of extreme short dominance, marked by negative funding rates. It confirms that sentiment on the futures market is turning bullish again.
This dynamic comes at a pivotal moment: positive demand on futures is now adding to the recent improvement in spot market demand. And it's precisely when these two signals sync up that a durable bullish trend has the best chance of taking hold,which is exactly what we're seeing today.
But be cautious, when an extreme positive level is reached, it can signal the early stages of a trend reversal.
Written by Darkfost

• Overall, despite similar price weakness, several of Ethereum's underlying fundamentals are stronger during the June 2026 decline than they were in April 2025 during the tariff war, which is why this recovery is taking place in a more solid context for ETH.
Written by Facundo Fama