CryptoQuant Quicktake

Data reveals a notable rise in the number of addresses associated with altcoin inflows to cryptocurrency exchanges, with the indicator reaching its highest level since last May, signaling increased user activity and greater movement of altcoins toward trading platforms.
According to the latest data, Binance recorded the highest number of addresses, at approximately 25,856, far outpacing other exchanges. Coinbase ranked second with around 3,574 addresses, followed by OKX with approximately 2,124, while Bybit recorded about 1,588 addresses.
The "Other Exchanges" category, comprising the remaining trading platforms, recorded approximately 6,978 addresses, reflecting widespread activity across a broader range of platforms.
The rise in the number of altcoin inflow addresses indicates increased movement of altcoins toward exchanges, potentially reflecting heightened trading activity or investors' readiness to reallocate their positions. However, this rise does not necessarily imply a sell-off, as coin inflows to exchanges can be linked to trading activity, portfolio restructuring, or increased liquidity.
Written by Arab Chain

• Bitcoin accumulating addresses already hold 2.3M BTC.
• This represents more than 10% of Bitcoin’s maximum supply (21M).
Written by Facundo Fama

Bitcoin’s 7-day open interest change showed a sharp shift across major derivatives venues on September 9, with the reading on Gate.io reaching +$414 million, up from -$57 million on September 6.
That represents a $471 million swing in just three days, moving the 7-day OI change from negative to strongly positive territory while Bitcoin traded near $79,200.
At the same time, the corresponding readings on Binance and Bybit eased substantially from their recent highs.
Binance’s 7-day open interest change stood at +$46 million on September 9, compared with +$926 million on August 25, a decline of roughly 95% from that peak reading.
Bybit recorded +$62 million, down around 87% from the +$470 million seen on September 4.
The contrast highlights a notable change in the distribution of Bitcoin’s recent open-interest expansion across exchanges.
While the latest Gate.io reading turned sharply positive, the previously elevated 7-day changes on Binance and Bybit have moderated significantly.
Importantly, open interest does not by itself reveal whether the newly opened positions are predominantly long or short.
The data therefore points to a divergence across exchanges in the balance between net position opening and position closure.
Where open interest is contracting, the reduction in outstanding positions can help ease excessive leverage and, if accompanied by softer perpetual-market imbalances, may also contribute to lower funding rates, without necessarily implying a directional signal for Bitcoin.
Written by Amr Taha

Whales are still playing an unusually significant role in Binance deposits.
The metric measures the share of exchange inflows accounted for by the largest deposits. A rising ratio therefore does not necessarily mean more BTC is entering Binance in absolute terms; it means that whales represent a larger proportion of the BTC being deposited.
This distinction becomes much more powerful when looking at the 200-day and 365-day moving averages.
During previous major transitions, including 2020 and 2023, a recurring sequence appeared: the 200DMA crossed below the 365DMA, followed by both averages entering sustained downtrends. In other words, whale dominance over Binance deposits gradually faded.
That was important beneath price.
As large-holder exchange activity cooled, one potential source of persistent distribution pressure diminished. Bitcoin subsequently entered periods in which price appreciation became considerably easier to sustain.
The current setup is not there yet.
Both long-term averages remain elevated around the 0.45–0.48 region, meaning whale-sized deposits still represent an unusually large share of Binance inflows. More importantly, we have not yet seen the prolonged decline that characterized the previous structural resets.
The signal I would want to see is therefore not simply a temporary drop in the ratio.
It is a whale cooldown: the 200DMA rolling decisively below the 365DMA, followed by both averages developing negative slopes.
That would suggest large holders are progressively reducing their relative presence on Binance, removing an important source of potential supply from the market.
What to Watch:
A sustained 200DMA/365DMA bearish crossover accompanied by falling values in both averages. The slope matters as much as the crossover itself.
Risk: The ratio remains elevated or reaccelerates, signaling that large-holder deposits continue to dominate Binance flows. In that scenario, distribution risk remains structurally present.
Written by MorenoDV_

In general, $BTC Net Realized Loss state means a period where investors selling their holdings. It signifies a phase where market participants are realizing substantial losses.
Investors sold regardless of the price and capitulated when they could no longer patient losses, and $BTC showed a bearish trend during that period.
However, the NRPL has recently turned positive again. This indicates that the trend of capitulation among market participants has ended and the market is shifting back to a profitable state.
Historically, $BTC has shown a bullish trend when the NRPL is positive, as this is a phase where sufficient buying volume drives the price upward.
That upward trend is just beginning now. The NRPL value remains quite low compared to previous bull markets, suggesting the rally is still in its early stages.
As the price of $BTC rises, more investors will enter the market, further increasing buying demand. This will boost the profits of investors who bought at the lows.
The indicator confirms that we are still in the early stages of a bull market.
Written by CW8900

The $BTC LTH SOPR currently stands at 1.2, having maintained a value above 1 for several days.
When LTH-SOPR is significantly above 1, long-term holders are spending coins at substantial profits relative to their cost basis—a pattern historically associated with distribution during the late stages of a bull market, as experienced holders capitalize on high prices. Extremely high readings have frequently coincided with market cycle peaks, as long-term holders rotate into liquidity. Conversely, when LTH-SOPR approaches or drops below 1, long-term holders are moving coins at or near a loss—a historically rare condition that has marked generational buying opportunities and cycle bottoms.
From February to August of this year, LTH-SOPR remained below 1, and $BTC exhibited a bearish trend. However, the SOPR has recently begun to rise again, and $BTC is continuing its upward trajectory.
This indicator suggests that the bearish trend has ended. Historically, the turn of SOPR above 1 has marked the point preceding a bullish rally.
It is worth noting that an immediate surge did not always follow the moment the indicator crossed above 1; rather, a period of moving sideway typically occurred before a more significant rise took place.
Currently, $BTC is moving sideways following its recent rise. However, this pattern has been observed in every previous bull market. Once this consolidation phase passes, a more substantial upward movement is likely to follow.
Written by CW8900

Binance netflow on the chart is approximately +3,439 ETH. This is not an enormous inflow in absolute terms; however, the strongly positive daily change indicates that the amount of ETH moving to Binance increased noticeably compared with the previous day. Throughout the chart, the blue line mostly fluctuates sharply around zero. This suggests a volatile environment in which short term transfers and large-player activity are influential, rather than a steady one directional flow.
A single day of positive netflow is usually not a reliable sell signal. These transfers may also relate to staking, collateral, arbitrage, or internal institutional wallet arrangements. For the signal to strengthen, several consecutive days of high positive netflow would be needed.
Meanwhile, new depositors stand at 259, up roughly 18.8% during the day. When read alongside netflow: New depositor data occasionally shows extreme spikes, but these do not form a lasting upward trend. The current level of 259 is low compared with its historical sharp peaks. Therefore, it would not be accurate to conclude that a broad market wide wave of selling is underway.
New supply is approximately 2,922 ETH and has remained almost unchanged. The flat trend suggests there has been no sudden expansion in newly created ETH supply.
This alone is not a bullish signal, but it indicates that there is no additional structural supply shock driving selling. In particular, if exchange netflow turns negative over time, the combination of stable supply and withdrawals from exchanges could become supportive for price.
In my view, these data points call for caution in the short term. ETH may face selling pressure during upside attempts or move sideways to lower. However, since the number of new depositors remains low, this chart alone does not support a strong bearish outlook.
Written by PelinayPA

With Bitcoin priced at $79,684 and a +1.59% (24h) gain, the market breathes "Greed" with the Fear And Greed Index registering 66 points. Visually, the price deforms the upper Bollinger Band (1h) and activates the emotional trigger of FOMO (Fear Of Missing Out). Retail, driven by this sentiment, moves to aggression: the TBSR at 1.12 on the daily timeframe proves that the masses are buying at market with leverage and paying a toll (positive Funding) to bet on the continuation of the uptrend.
INSTITUTIONAL DIVERGENCE (The Slaughterhouse)
Smart money does not trade on emotion, it trades on liquidity. While retail buys the top, the data reveals the other side of the coin:
Hollow Rally: The negative Coinbase Premium signals that US institutional funds have turned off the tap. There is no real Spot capital driving this movement.
SILENT DISTRIBUTION
The Exchange Whale Ratio (EWR) on the hourly timeframe is at the alert level (0.93) and indicates that whales have sent heavy ammunition to the exchanges.
THE VERDICT
Retail's Greed sentiment (66) is being surgically used as exit liquidity. Whales and algorithms needed this euphoria to offload their lots, distributing coins onto the heads of late buyers. With Price Momentum already exhausted at level 20 and the FEI Score locked in a zone of absolute noise (99.53%), the stage is set for a Long Squeeze — a sharp correction meant only to liquidate those who bought the top.
Written by GugaOnChain

• Historical benchmark: Bitcoin’s median return during the first nine days of September is –2.64%, based on 2013–2025 data.
• September 2026: BTC opened at $78,553 and now trades near $79,255, up 0.89%.
• Relative performance: Bitcoin is running 3.53 percentage points ahead of its historical median.
Bitcoin has started September more positively than usual while remaining approximately 36% above its June 30 low.
A golden cross also formed on September 8. Its timing is notable, but it is a lagging price signal, not confirmation of the seasonal outperformance.
The next test is September 15–21, historically the month’s weakest window, with an average decline of 2.19%. It also overlaps with the Fed’s September 15–16 meeting, creating an additional, but unpredictable, source of volatility.
This does not tell us where Bitcoin goes next. It simply shows that 2026 is currently outperforming September’s historical pattern, with its most challenging window potentially still ahead.
Written by Andrew Kamsky

XRP is trading near $1.41 on September 9, roughly 35% above its July 28 level, while the Whale vs Retail Spread among traders on Binance remains close to its late-July level, rising from 35.6% to 36.3%.
Binance’s Whale vs Retail Spread 7-day moving average stands at 36.3%, compared with 35.6% on July 28 — an increase of just 0.7 percentage points.
The All-CEX measure has moved much more sharply, climbing from 33% to 45.8%, a gain of 12.8 percentage points.
The relative gap between the two readings has also reversed significantly.
On July 28, Binance stood 2.6 percentage points above the All-CEX reading.
By September 9, the relationship had flipped, with All CEX standing 9.5 percentage points above Binance.
That represents a 12.1-percentage-point reversal in the relative gap in just over six weeks.
The Whale vs Retail Spread compares the relative weight of whale-sized and retail-sized XRP exchange outflows.
A higher reading reflects a wider gap between large and smaller transfers, but the metric alone does not determine whether whales are buying, selling, or accumulating XRP.
The key divergence is therefore clear: XRP is about 35% more expensive than it was on July 28, while Binance’s whale-retail spread is almost unchanged.
At the same time, the broader All-CEX spread has expanded by nearly 39%.
This suggests that the structure of XRP exchange outflows has changed materially across the broader market even as Binance has returned to almost the same whale-retail spread seen in late July.
Written by Amr Taha

Periods in which even mid- to long-term investors keep selling Bitcoin at a loss have, more often than not, turned out to be good opportunities.
Those are precisely the stretches when SOPR dropped below 1.
And in most cases, market participants' interest hits rock bottom at the same time.
Long-term holders selling at a loss, with the public paying no attention — an opportunity like this comes around only once every few years.
What's more, even as this window is passing, Bitcoin still looks cheap.
Written by Crypto Dan

Bitcoin closed at $78,450 on September 8, following its recovery from around $60,000 earlier in the summer. Large deposits to spot exchanges, however, have not shown a comparable surge.
CryptoQuant’s daily top-10 spot-exchange inflows reached 5,442 BTC on September 8. Although this was 4.4 times the previous day’s level, it was only 5.1% above the preceding 30-day average. The seven-day average stood at 4,678 BTC—below several peaks seen earlier this year.
The broader chart suggests that the latest price recovery has not coincided with unusually elevated large-deposit activity. This provides limited evidence of a sustained increase in potential selling pressure from large transfers.
The next signal to watch is whether the seven-day inflow average rises persistently while price weakens. For now, the September 8 rebound in deposits looks more like a return toward recent norms than an exceptional spike.
Written by 우민규 Woominkyu

The XRP Binance Scarcity Index indicates a significant decrease in the scarcity of XRP on the Binance platform in recent weeks. After reaching highs of nearly 0.9 in July, the index has been on a continuous downward trend, falling to around -0.29, its lowest level since August 2025.
This decline reflects a decrease in XRP scarcity on Binance compared with previous periods, potentially indicating improved liquidity or an increase in the amount of XRP available for trading on the platform. This follows a period of notable increases in the index, which at the time indicated a decline in the available supply of XRP on Binance.
In contrast, the price of XRP has moved somewhat differently. After falling to near $1.00, it has rebounded in recent days to around $1.40, despite the Scarcity Index continuing to decline into negative territory.
This divergence suggests that the current price recovery is not primarily related to a decrease in the available XRP supply on Binance, but may instead be driven by other factors, such as stronger demand or increased trading activity. The coming period will be important to monitor to determine whether the Scarcity Index begins to recover alongside a continued rise in price or continues to decline, which could indicate that XRP supply remains relatively abundant on the platform.
Written by Arab Chain

The TradFi sector is experiencing real momentum within the crypto world, and this is especially visible in the growing trading volumes of these tickers on exchanges that offer them.
In recent weeks, volumes for Gate's top TradFi tickers have exploded.
Since late July, every week has seen more than $10 billion in trading volume across the platform's leading TradFi tickers. This includes tickers like NVDAX (Nvidia), SPCX (SpaceX), and SK Hynix.
In a single week, these trading volumes even surpassed $20 billion, a historic record for Gate since this type of asset first launched on the platform. To grasp the scale of this shift, that week represented a week-over-week change of +94% compared to the previous week.
Among the tickers that attracted the most volume, SNDK (SanDisk) stands out with an extraordinary day of over $3.6 billion on its own. Significant volumes were also seen on SPCX and SK Hynix, with days exceeding $500 million.
This dynamic perfectly reflects the appetite and interest traditional markets have sparked among investors lately. Unsurprising, given performances like SK Hynix's, up nearly 500% in 2026 alone, or SanDisk's, up more than 1000%, drawing strong liquidity into the TradFi sector.
Written by Darkfost

Bitcoin’s medium-term structure remains constructive, but the market is not yet in a fully confirmed spot-led rally.
Bitcoin ETFs have recorded three consecutive weeks of net inflows, showing continued institutional accumulation during corrections. However, BTC Apparent Demand remains negative, meaning broader spot demand has yet to fully recover.
At the same time, about 2,487 BTC worth roughly $197M reportedly moved from whales to exchanges, while Binance reserves remain elevated at 685,000–687,000 BTC. This increases potential sell-side supply.
Derivatives also remain a key risk. Binance’s Buy/Sell Ratio is around 0.917, indicating selling pressure, while BTC Open Interest remains high at roughly $8.5B. Weak spot demand combined with elevated leverage could trigger sharp liquidations.
On the positive side, Bitcoin has formed a Golden Cross and remains above the 50-week EMA. The MVRV Z-Score is also approaching its 365-day average.
The key confirmation is clear: BTC needs to reclaim $80,000–$81,000, form a higher high, and see spot demand turn positive.
Written by XWIN Japan

Observation. ETH closed at $2,489 on September 7, holding a $2,391–$2,514 band for fourteen consecutive sessions — a range of roughly 5%. Realized volatility has compressed, yet the metrics underneath have not stayed still.
Context. Stablecoin net flow into #Binance averaged +$46.5M/day last week — +1,422% against the thirty-day baseline and +581% versus the quarter. Meanwhile aggregate ETH exchange netflow ran mildly negative at -1,155 ETH/day, with four of the last five sessions in outflow. Settlement capital is arriving at venues while the asset itself is leaving them — two flows that do not usually run together.
Comparison. The ETH2 staking rate reached 35.24%, a fresh high after rising in every session since August 25. Median token transfer value climbed to $9.99 (+178%), while the contract-side median fell 98.8%. The composition of on-chain activity appears to be tilting toward larger, wallet-initiated transfers rather than automated contract flow. Binance funding printed 0.01 — easing 5.9% over thirty days, but still 62% above the quarterly mean, which suggests positioning is present without being crowded.
What this may set up. Compressed price, rising staking absorption, and stablecoin build-up at the largest venue create conditions that historically preceded range expansion rather than continued drift. That said, market premium at 0.09 and a Coinbase premium index near -0.01 indicate spot demand has not confirmed yet. A turn higher in premium alongside sustained negative exchange netflow would be the cleaner confirmation.
Written by CryptoOnchain

As Bitcoin struggles to clear the psychological $80K resistance, a significant exchange-specific leverage tension is building behind the scenes in the derivatives market. Although price action appears range-bound on the surface, potential liquidation levels and leverage accumulation on major exchanges have reached critical risk thresholds. This dynamic clearly indicates that in the event of a breakout, sharp moves and subsequent liquidation cascades will directly target traders on these specific platforms.
On the metrics side, the exchange-based Liquidation Accumulation Index (LiX) data has climbed to 98 on Bybit, 97 on HTX, 92 on Binance, 83 on OKX, and 73 on BitMEX. Within this metric, the 80–100 range represents "extreme leverage accumulation," signaling the formation of massive liquidation pools. The fact that positions are tightly compressed on primary volume drivers like Binance, OKX, and Bybit heightens the risk of market makers hunting these liquidity pockets. Interestingly, looking at the aggregate average across all exchanges reveals that the overall metric remains at reasonable and normal levels. Rather than a systemic crisis spreading across the entire market, leverage exposure is heavily concentrated on specific platforms.
In conclusion, an impending price surge or dip is likely to exert a targeted impact on traders within these high-accumulation exchanges rather than triggering a market-wide collapse. While the overall market structure has not yet reached a total tipping point, market participants trading on these major platforms should exercise extreme caution regarding sharp volatility and sudden wicks.
Written by BorisD

• Aug 31, 2026. On the monthly timeframe, after reaching extremely oversold levels, Ethereum closed above its last lower high, marking a shift in market structure.
• It also closed above the Realized Price of all whale cohorts holding between 100 and 100K ETH.
• Buyers returned to Ethereum.
Written by Facundo Fama

CryptoQuant’s data doesn't cover the whole market, but Binance is still a solid proxy. When fresh capital enters the space, top-tier liquidity almost always shows up there first.
Early 2023 saw a very similar bounce from the lows. The market broke out of a tight consolidation back then, and price rallied right along with the ratio.
A lot of people are looking at this bounce expecting 2023 all over again. But the backdrop is quite different this time. We have an upcoming rate decision, and oil prices are rebounding aggressively.
To me, this points to larger volatility ahead. It's just not enough to say buyers are fully in control yet.
Written by Rei Researcher

Ethereum recorded a -$187 million netflow on Binance on August 28, marking the platform’s largest negative daily ETH reading since June 5, when netflow reached -$207 million.
The move was followed by several additional negative sessions. Binance recorded
-$37 million on August 31,
-$55 million on September 3,
-$84 million on September 4,
-$22 million on September 5,
-$38 million on September 6, and
-$78 million on September 8.
Across those seven negative readings, approximately $501 million worth of ETH left Binance on a net basis.
The historical comparison adds weight to the move.
On June 5, Binance posted -$207 million, while OKX and Bybit recorded roughly -$97 million and -$86 million, respectively, bringing combined negative netflows across the three exchanges to about $390 million.
Ethereum was trading below $1,600 at the time.
ETH later climbed to around $2,480, leaving the current price more than 55% above its early-June level.
The latest data do not imply that the price action following June will repeat.
However, Binance’s August 28 reading came within roughly 10% of the June 5 extreme, while repeated negative netflows have continued into September.
The key signal is the scale and persistence of exchange withdrawals: Binance has now recorded its largest negative ETH netflow since June, alongside $501 million across seven recent negative readings, while Ethereum continues to trade near $2,500.
Written by Amr Taha