CryptoQuant Quicktake

Data on the cumulative trading volume of perpetual futures contracts across major trading platforms highlights Binance’s continued dominance in the digital derivatives market. The platform has maintained its leading position in terms of trading volume compared with competitors such as OKX, MEXC, Bybit, and others.
According to the data, since the beginning of 2026, Binance has recorded a cumulative futures trading volume of nearly $7.9 trillion, the highest among all platforms included in the index. OKX and MEXC followed with trading volumes of nearly $4 trillion each, while Bybit recorded approximately $2.7 trillion. Gate.io and Bitget ranked next, with comparatively lower volumes.
However, a comparison with last year’s performance shows that the cumulative trading volume since the beginning of the year remains below the level recorded during the same period last year. This indicates that activity in the futures market is no longer as strong as it was during the previous cycle.
This decline may be attributed to several factors, including reduced risk appetite among some traders, lower leverage levels, and a cautious market environment as participants await a clearer direction for future price movements.
Written by Arab Chain

Bitcoin’s all-exchange derivatives structure shows a market that has flushed a large amount of speculative excess, but has not fully returned to a clean accumulation regime. Price has fallen from the $120K area in late 2025 to roughly $63.6K, while open interest has compressed from the $45B–$47B range to around $21.6B. That decline confirms the market has already undergone a major leverage reset. However, the recent stabilisation in open interest after the June sell-off suggests traders are beginning to re-enter risk, even though price remains far below the prior highs.
The estimated leverage ratio gives the more important signal. Across all exchanges, leverage has recovered to roughly 0.241 and sits close to its rising 100-day moving average. This means the market is rebuilding derivatives exposure relative to exchange reserves, even as spot prices remain structurally weak. That combination creates a fragile setup. When leverage rises into a weak price structure, the market becomes more sensitive to forced liquidations and sharp short-term squeezes.
Liquidation data confirms that the recent move higher was partly mechanical. Short liquidation spikes increased during rebounds, especially after major downside phases, suggesting some upside came from shorts being forced out rather than from new spot-led demand. Long liquidations, meanwhile, surged heavily during the February breakdown and again during the June sell-off, showing that leveraged longs were repeatedly punished on downside expansions.
The market now sits in a squeeze-prone zone: open interest has stopped falling, leverage is rising, funding has turned positive, and price is trying to recover from the $60K area. The next major move likely depends on whether spot demand validates the rebound or whether leverage rebuilds faster than real buying power.
Written by Novaque Research

That’s today’s stat, and it reflects the harsh reality facing all these projects that chose to launch a token.
To be precise, I built this chart to visualize altcoins trading below 25% of their all time low.
The altcoin market has now reached an extreme level of underperformance. When BTC dropped back below $60,000 in late June, that number even climbed to 45%.
It’s important to understand that this market has changed.
Today, CMC counts around 53.5 million cryptos created, with 60,000 new ones added daily.
Without strong incoming liquidity, it’s easy to see why the majority of these cryptos are doomed to fail. It’s now essential to carefully select the projects you choose to be exposed to, and stay highly selective.
Written by Darkfost

• Jun 30, 2026. BTC: $58K. It is the first time in more than eight years that Supply in Loss has recorded four consecutive bullish quarters.
Written by Facundo Fama

Binance XRP Volume Z-Score (30D) data reveals a notable decline in XRP trading activity on the Binance platform compared with the average trading volume over the past 30 days.
The latest data shows the Z-Score at approximately -0.59, while XRP is trading near $1.13. This reading indicates that current trading volume is below its monthly average, reflecting a relative decline in market participation compared with periods of stronger trading activity.
The data also shows that the indicator recorded several positive peaks above 3 in recent months, coinciding with sharp increases in trading volume and heightened price volatility. However, the index has gradually moved back into negative territory, signaling weakening momentum and reduced market participation. This suggests that current price movements are taking place in a relatively quieter trading environment than in previous months.
Although lower trading volume is not inherently a bearish signal, it often reflects a wait-and-see approach among investors as they anticipate new catalysts capable of injecting fresh liquidity into the market. Moreover, if the index remains below its average for an extended period, it could weaken the strength of the prevailing price trend whether bullish or bearish due to reduced market participation.
the current reading suggests that the XRP market on Binance is undergoing a period of relative calm following months of elevated trading activity.
Written by Arab Chain

• Jul 6, 2026. BTC: $63K. RP US ETF: $72K. Bitcoin is trading below the Realized Price of Wall Street ETFs.
Written by Facundo Fama

• The last time New Whales’ Unrealized Profit Ratio had been predominantly negative for more than eight months after an ATH was in September 2022.
• BTC: Unrealized Profit Ratio for New Whales.
Written by Facundo Fama

• The last time New Whales’ Unrealized Profit Ratio had been predominantly negative for more than eight months after an ATH was September 2022.
• BTC: Unrealized Profit Ratio for New Whales.
Written by Facundo Fama

• ETH’s market price is trading below the realized price of Ethereum whales holding between 100 and 100K ETH.
Written by Facundo Fama

Tether Treasury burned $2.5 billion worth of USDT on Ethereum on July 7, marking the largest USDT burn on the network since February and coinciding with a sharp decline in USDT liquidity moving through Binance via the Tron network.
The transaction was the largest Ethereum-based USDT burn since February 10, when Tether Treasury burned $3.5 billion USDT.
It also exceeded the $2 billion burn recorded on May 8, making the latest transaction one of the largest USDT supply reductions on Ethereum in recent months.
At the same time, Binance’s USDT reserve on Tron—the balance associated with USDT transfers flowing into and out of the exchange through the Tron network—fell to approximately $806 million.
This is the lowest reading since December 29, 2025, when the reserve stood near $391 million.
The balance has now dropped below the $1 billion threshold, pointing to a notable reduction in USDT liquidity available through Binance’s Tron transfer channel.
Large Tether Treasury burns can reflect redemptions, treasury management, or cross-chain rebalancing rather than a direct market signal on their own.
However, the simultaneous decline in the USDT balance moving through Binance on Tron makes the latest adjustment more notable, as Ethereum supply and Binance’s Tron transfer liquidity are both contracting at the same time.
Written by Amr Taha

Since late June, Binance ETH reserves have risen from 3.64M to 3.87M ETH, an increase of roughly 221K ETH (+6.1%). In isolation, rising exchange reserves suggest that more ETH is becoming available on the exchange, usually increasing the market’s potential sell-side liquidity.
But the order-size data makes the signal more important.
During the same period, ETH Average Order Size has shifted into “Whale Left” territory. Meaning large participants are reducing their footprint, or in other words, ETH is moving back onto Binance, but whale-sized demand is not showing up to absorb that supply.
That creates a weaker underlying structure: more available supply, less large-size participation, and a market increasingly exposed to volatility if demand fails to strengthen.
The key message is not that ETH must fall. The message is that the recent rebound lacks structural confirmation from largest participants. For a healthier setup, we would need to see reserves stabilize or decline, alongside a return of whale-sized orders.
Written by MorenoDV_

Everyone is cheering the latest Bitcoin pump, but the derivatives engine is running dangerously hot while the spot foundation is quietly cracking. If you look under the hood, the data suggests smart money is using this leverage-driven rally to quietly exit their positions.
Looking at the Funding Rate Regime Score (FRRS), perpetual funding rates have violently flipped into a crowded long regime. Retail traders are aggressively positioned long, paying a steep premium to stay in the trade. But this rally isn't being backed by real spot buying pressure.
The Leverage Intensity Ratio (LIR) reveals that Open Interest is rapidly building while spot volume is simultaneously drying up. This means the price appreciation is almost entirely speculative, built on leverage stacking on top of leverage. When OI outpaces spot volume like this, the market structure becomes incredibly fragile to any sudden supply.
That supply is already arriving on exchanges. The Net Flow Indicator (NFI) is flashing elevated sell pressure as BTC is actively moving onto Binance. Instead of coins moving to cold storage, they are migrating to exchange wallets, which is the exact opposite of what you want to see during a healthy bullish markup.
Most importantly, the Inflow Whale Concentration Ratio (IWCR) confirms exactly who is doing the selling. We are seeing a spike in whale deposit concentration, meaning top addresses are moving their BTC to the exchange. Smart money is actively using this derivatives pump to distribute spot to overleveraged retail buyers. When crowded longs, drying spot volume, and whale distribution align, a local top and subsequent flush are usually imminent.
Written by Crazzyblockk

Bitcoin’s current correction is no longer just a price-driven drawdown. The Distressed Inflow Pressure Index is now showing that a meaningful share of BTC moving into exchanges is arriving under stress.
DIPI does not simply measure exchange inflow volume. It asks a more important question: how much of that inflow is coming from coins being sent to exchanges at a loss, and how abnormal is that pressure relative to the past year?
This distinction matters.
In normal pullbacks, exchange inflows can rise without necessarily implying capitulation. Coins may move for profit-taking, rotation, liquidity management, or derivative collateral. But when DIPI spikes, the structure changes: the market is seeing a larger concentration of underwater coins moving toward venues where selling becomes more likely.
Historically, strong DIPI regimes have appeared during periods of market stress: the 2018 bear market, the 2022 deleveraging phase, and now again in 2026. That tells us something important beneath price: some holders are no longer simply waiting. They are transferring risk back to the market.
The involvement of long-term holder inflows makes the signal more relevant.
When older coins begin moving to exchanges at a loss, it usually reflects deeper investor fatigue, forced de-risking, or a shift in conviction. This is structurally different from short-term traders selling into volatility.
For now, DIPI is not a clean bottom signal by itself, but a stress signal. In past cycles, capitulation zones often marked areas where the market was getting closer to exhaustion, but only after sustained pressure had been absorbed and price stopped reacting aggressively to loss-driven inflows.
What to watch next is whether DIPI remains elevated while BTC continues to make lower lows, or whether the signal begins to fade while price stabilizes. The first would suggest unresolved sell pressure. The second would indicate that the market is starting to absorb distressed supply.
Written by MorenoDV_

Here’s a tighter English version at roughly half the length:
Bitcoin’s on-chain setup is neutral with a slight short-term risk bias, as leverage has cooled but exchange inflows and elevated funding remain.
Exchange netflow turned positive at roughly 556 BTC after the previous day’s 4,461 BTC outflow. However, the seven-day cumulative inflow is only about 282 BTC, so this is not yet strong evidence of sustained selling pressure.
Funding fell from 0.00809 to 0.00719 but remains above the 30-day average of 0.00457. Long positioning is still crowded enough to create downside risk if price weakens.
Open interest declined 1.3% to about $21.02B and is down roughly 4.3% from July 5. This suggests some leverage has been cleared, although funding remains too elevated to call the derivatives market fully healthy.
Realized price stayed nearly flat around $53,102, showing little change in the market’s broader cost basis. Without spot price data, the current valuation gap cannot be assessed.
The evidence leans neutral to mildly cautious rather than strongly bullish. The risk view would weaken if exchange outflows resume, funding normalizes, and open interest stabilizes; repeated inflows alongside rising funding and open interest would increase distribution and overheating risk.
Exchange flows have shifted slightly toward inflows. Leverage is cooling, but long bias remains elevated. The next move depends on whether spot selling pressure or renewed derivatives overheating appears first.
Tomorrow, watch whether exchange inflows persist, funding remains elevated, and open interest starts rising again.
Written by CoinNiel

Binance shows a more retail-sensitive version of the same market problem: liquidity exists, but it is not being deployed with conviction. Binance ERC-20 stablecoin reserves sit near $44.1B, below the recent 100-day moving average and well under the late-2025 high above $50B. This decline matters because Binance remains one of the most important venues for retail and global non-U.S. liquidity. When Binance stablecoin balances fall while Bitcoin trades near cycle-stress levels, retail buying power has either left the venue, moved off-exchange, or remained inactive outside the immediate order-book environment.
Bitcoin reserves on Binance give a different signal from the stablecoin chart. Binance BTC reserves have risen sharply from the April–May low near the low 620K BTC area to roughly 657K BTC. That increase deserves attention because rising exchange reserves often increase potential sell-side liquidity. In a bullish accumulation phase, investors typically withdraw BTC from exchanges. Here, Binance balances have been rebuilding while price remains weak, which makes the signal more defensive than bullish.
Binance netflows confirm the ambiguity. The latest netflow reading is slightly positive, near +340 BTC, which is not large by historical standards but still shows that Binance is not experiencing strong net withdrawals at the margin. The broader chart shows alternating inflow and outflow spikes, which suggests short-term positioning, liquidity rotation, and tactical trading rather than patient accumulation.
The Coinbase Premium Index remains mostly negative into July, suggesting Binance-linked liquidity has not been met by strong U.S. spot demand. Reuters also reported that Bitcoin rose after softer U.S. jobs data reduced rate-hike expectations, but the broader market remains sensitive to Fed policy and ETF flows. Thus, leading us to believe that retail conditions look defensive.
Written by Novaque Research

$BTC futures demand has turned positive. It shifted to positive due to a sharp increase in upward pressure in the futures market.
Additionally, demand in the spot market is also slightly negative.
Although total demand is slightly negative, the increase rate in demand is very strong.
It appears that spot demand for $BTC will also turn positive soon. We are on the verge of a real bull market.
Written by CW8900

Bitcoin’s all-exchange on-chain structure shows a market trying to stabilise, but not yet proving that a durable accumulation phase has returned. The clearest message comes from the stablecoin reserve chart. All ERC-20 stablecoins held across exchanges have fallen from the November 2025 peak near the mid-$70B area to roughly $63.2B by early July. The 100-day moving average also rolls over, which means exchange-side stablecoin liquidity is not expanding into Bitcoin’s recent recovery attempt. That matters because stablecoins on exchanges represent immediately deployable buying power. When that balance contracts while price remains under pressure, the market often lacks the cash buffer needed for sustained upside.
BTC reserves have trended lower from above 3.0M BTC in early 2025 to around 2.71M BTC, which usually suggests structural coin withdrawals and reduced liquidity. However, the recent flattening near 2.70M–2.72M BTC shows that the drawdown in reserves has paused. That pause weakens the accumulation argument because investors are no longer removing coins from exchanges at the same intensity seen earlier in the cycle.
Macro and institutional flows reinforce the caution. The Federal Reserve held the funds-rate target at 3.50%–3.75% in June, keeping risk assets sensitive to liquidity conditions. Reuters also reported that Citi cut its Bitcoin forecast because ETF flows turned negative, citing weaker investor demand and $3.3B of Bitcoin ETF outflows so far this year.
Overall, Bitcoin’s all-exchange setup has improved, but it has not yet confirmed a new bullish impulse. Stablecoin liquidity is contracting, BTC reserve outflows have slowed, and institutional demand remains fragile. Until exchange stablecoin balances stabilise or expand and BTC reserves resume a clearer downtrend, the evidence points more to tentative stabilisation than renewed accumulation.
Written by Novaque Research

Data from the ETH Binance 30D Exchange Liquidity Ratio indicates that the liquidity ratio on Binance rose to approximately 5.22 This was based on a 30-day trading volume of approximately 20.32 million ETH, while Binance's Ethereum reserves stood at around 3.8 million ETH. This increase reflects a significant improvement in the efficiency of liquidity utilization on the platform, with a larger volume of ETH being traded relative to the available reserves.
This reading means that each unit of ETH held on Binance was turned over more than five times during the past 30 days, demonstrating a high level of liquidity efficiency. It suggests that current trading activity remains strong relative to the amount of ETH held in Binance's wallets.
The data also shows that the 30-day trading volume significantly exceeds the platform's Ethereum reserves, indicating that the available liquidity is sufficient to support strong market activity without requiring a substantial increase in exchange balances. This is generally interpreted as a sign of an active market with a high rate of asset turnover.
Meanwhile, Binance's Ethereum reserve of approximately 3.8 million ETH does not indicate a substantial surplus of coins readily available for sale. If demand remains stable or continues to increase, this could help limit selling pressure on the market.
Written by Arab Chain

XRP is showing a widening divergence between spot-market flows and derivatives positioning, with estimated spot demand across centralized exchanges turning strongly positive while Binance perpetual traders remain heavily sell-side.
All CEX Estimated Spot CVD climbed from roughly -$42 million on May 12 to +$406 million by July 7—a net improvement of around $448 million.
The move suggests that market-buying activity in the spot market has increasingly absorbed available XRP supply over the past two months.
However, Binance’s perpetual market tells the opposite story.
Binance Perpetual CVD declined from approximately -$48 million to -$783 million during the same period, a deterioration of about $735 million.
That indicates sustained sell-side aggression in XRP perpetual contracts, even as broader spot flows strengthened across exchanges.
The divergence was accompanied by a notable reduction in leveraged positioning. Binance Open Interest fell from around $255 million on May 22 to $203 million on July 7, a decline of roughly $52 million, or just over 20%.
The combined pattern points to a market where spot demand is improving while derivatives traders remain cautious and leverage continues to unwind.
Rather than confirming a broad speculative chase, the data suggests XRP’s spot market has been absorbing supply as perpetual traders reduce exposure or maintain defensive positioning.
Binance’s spot data also shows early signs of improvement, though it has not yet turned positive. Binance Estimated Spot CVD rose from about -$212 million on June 25 to -$173 million on July 7, improving by nearly $39 million. That means spot selling pressure on Binance has eased, but net spot flows there remain negative.
The key signal for XRP is now the split between the two markets: broad CEX spot flows have moved decisively positive, while Binance perpetual selling remains near deeply negative levels and open interest continues to decline.
Written by Amr Taha

In tandem with the downward trend in Ethereum (ETH) prices, a significant increase is being observed in Binance’s ETH reserves. On-chain data indicates that investors are actively transferring ETH from private wallets to the exchange.
Looking at price movements, ETH has bounced off the $1,500 support and continues its upward trajectory toward the $2,000 resistance. However, for this rally to be sustainable, there is a critical threshold: unless the $2,000 resistance is surpassed, ETH will be bound to test lower levels.
Current Exchange ETH Reserves
- Binance: 3.893 Million ETH
- Bitfinex: 2.2 Million ETH
- OKX: 1.18 Million ETH
- Bybit: 314 Thousand ETH
Inflow-Outflow Analysis and Supply-Demand Balance
Alongside high volatility, ETH inflows into Binance and OKX continue unabated. This surge in exchange supply creates selling pressure that outpaces market demand, suppressing the price.
Conversely, a different dynamic is at play on Bitfinex, where ETH holdings dropped from 2.7 million to 2.2 million. This decline indicates that investors are moving their ETH to cold wallets (accumulation). Meanwhile, on Bybit, inflows and outflows remain balanced, exhibiting a neutral outlook.
Conclusion and Short-Term Outlook
Critical Threshold: As ETH heads toward $2,000, the biggest risk is the mounting exchange supply. If buyer demand fails to absorb this influx, ETH will likely face a rejection at $2,000, triggering another downward wave. Investors should monitor when the trend of Binance inflows reverses.
Written by BorisD