CryptoQuant Quicktake

Bitcoin: Quiet Accumulation Beneath the Correction.
Bitcoin trades near $63,700, about 49% below the October 2025 peak of $126,200. Price looks weak — but exchange flows tell a different story.Reserves Keep FallingExchange reserves have dropped from 2,783,000 BTC to 2,705,000 BTC over six months (-78,000 BTC) and now sit near cycle lows. In a typical capitulation, coins flood into exchanges to be sold. Instead, the dominant behavior throughout this correction has been withdrawal into self-custody — a sign of long-term holding intent, not distribution.TakeawayShrinking exchange supply against falling price is a classic accumulation-phase structure: sell-side liquidity is thinning, making price more responsive once demand returns. Watch the netflow 7D MA — a sustained flip into positive territory would be the first warning of renewed distribution and could open a retest of $58K. Until then, the supply side favors patient accumulation.
Written by 우민규 Woominkyu

Bitcoin price data over the past few hours indicates a significant increase in volatility, with the 24-hour Z-Score reaching -3.51 as the price traded near $63,700. This reading represents a sharp negative deviation from the average of recent price changes, suggesting that the latest decline was exceptional compared with the price's typical behavior during the period under review This means that Bitcoin's recent decline was significantly stronger than its typical price movements
The data shows that the 24-hour price change was approximately -1.29%, while the Z-Score fell below -3, a relatively rare statistical level indicating that the price movement deviated significantly from typical fluctuations. In the preceding days, the indicator had mostly hovered near zero, with temporary upward and downward spikes, before recording this latest sharp decline.
However, the Z-Score reaching such an extreme negative level does not necessarily mean that the downward trend will continue. It could also indicate a statistically extreme move that may be followed by stabilization or a rebound toward the average. Therefore, monitoring whether the Z-Score returns toward zero will be important in assessing whether selling pressure has begun to subside. Meanwhile, continued extreme negative readings could indicate that volatility remains elevated and downward pressure persists.
Written by Arab Chain

Binance BTC Netflow Hits -$333M, Second-Largest July Outflow Ahead of Fed Decision Despite Exchange Shutdown Wave
BTC recorded another sizable negative netflow on Binance on July 27, with approximately $333 million more BTC leaving the exchange.
The move represents the second-largest negative Binance BTC netflow by value this month, behind the July 20 reading that exceeded -$570M.
Two major negative readings within roughly one week suggest the latest move is not an isolated spike in exchange flows.
The timing is particularly notable. The $333M net outflow emerged immediately ahead of the Federal Reserve's July 28–29 FOMC meeting, with the policy decision scheduled for July 29. This places the shift in Bitcoin exchange flows directly ahead of a major macroeconomic event capable of influencing liquidity expectations and risk-asset positioning.
Exchange closures create an unusual contrast
The negative Binance flow also comes during an unusual wave of exchange wind-down announcements.
BitMart announced an orderly shutdown on July 26, gradually suspending new registrations, cryptocurrency and fiat deposits, and new trading orders.
BitMEX announced on July 23 that it will close its exchange on September 23, while immediately stopping new account registrations.
Earlier in the month, EXMO.com began its own wind-down, halting new registrations and deposits.
That backdrop creates an interesting contrast in the flow data. A broad migration of BTC from closing platforms toward Binance could have generated additional positive exchange inflows. Instead, Binance recorded a strongly negative $333M BTC netflow on July 27.
In other words, the data currently show no visible flight-to-Binance effect in BTC flows following the recent exchange closure announcements.
This does not establish where assets from those platforms ultimately moved—they could be transferred to private wallets or other exchanges—but it makes the Binance reading particularly notable.
Written by Amr Taha

Bitcoin’s recent recovery toward the mid-$65,000 range continues to lack confirmation from spot demand.
CryptoQuant data shows the 30-day cumulative growth in spot demand remaining deeply negative, contracting by roughly 200,000 BTC per month. In contrast, perpetual futures demand has turned net positive in July, adding approximately 30,000–50,000 BTC on a 30-day basis. This is still about five times smaller than the April expansion that previously supported a stronger rally.
Meanwhile, Bitcoin’s Supply in Profit has rebounded to around 57.5% (from the June low near 46%), yet long-term holder SOPR remains subdued. Whales (1,000–10,000 BTC addresses) have accumulated roughly 66,700 BTC over the past 60 days, while mid-sized wallets have distributed.
The divergence points to a market still reliant on leveraged positioning rather than genuine spot accumulation. Until spot demand turns sustainably positive, the current range is more likely to persist than break higher with conviction.
https://cryptoquant.com/community/dashboard/6a588bdb3eb04801bdf186b3?e=6a588bdb7a878621f5277b7b
Written by theophiluspep

Something unusual happened over the past two weeks: both longs and shorts got punished, yet XRP barely moved. Price closed July 26 at $1.112, essentially unchanged from $1.111 two weeks earlier, while liquidations kept firing in both directions.
Look at the whipsaw. On July 21, price tapped $1.143 and shorts got crushed for $2.35M. Just three days later on July 24, longs paid the price — $1.89M liquidated as XRP slipped back to $1.091. This is a market repeatedly trapping traders who commit to a direction, then snapping back to the middle. Over the full window, long liquidations ($647K avg, up 19% vs quarter) and short liquidations ($518K avg, up 141% vs quarter) are both elevated relative to longer baselines.
The compression is the key detail. Realized volatility is collapsing: price has coiled into a roughly $1.09–$1.14 band while Open Interest holds firm near $420M and leverage sits at 0.164. Energy is building in positioning even as price refuses to break. Funding stays near zero (0.001), showing neither side has decisive control.
Underneath, the tape is thin. Binance spot flows remain depressed — inflows and outflows both down ~98% versus monthly baselines — and deposit addresses have fallen over 96%. When liquidity is this scarce, small position clusters can trigger the sharp two-sided flushes we’re seeing.
This isn’t a directional signal. It’s a description of stored energy. Symmetric liquidations inside a tightening range, on thin volume, have historically preceded expansion moves — though the coil itself gives no hint of which way it resolves. Worth watching whether one side’s liquidations start dominating, or whether returning spot flow finally breaks the standoff.
Written by CryptoOnchain

The crypto industry witnessed two significant developments in July 2026. BitMEX announced its closure on July 23, followed by BitMart just three days later. Unlike the collapse of FTX in 2022, both exchanges are conducting orderly wind-downs with sufficient withdrawal periods, indicating planned business exits rather than sudden insolvencies.
Although their reasons differ, the message is the same: competition among centralized exchanges has intensified. As institutional investors, Bitcoin ETFs, and regulatory requirements reshape the market, users increasingly favor exchanges with deep liquidity, strong compliance, and trusted brands.
This trend is reflected in CryptoQuant's Binance Dominance Index, which combines exchange reserves, spot trading volume, mining activity, and whale participation. The index suggests that market liquidity and investor activity are becoming increasingly concentrated on Binance.
However, concentration also raises an important question: who should ultimately control digital assets?
Even the largest exchanges continue to rely on custodial models, where users entrust assets to a third party. History has shown through cases such as Mt. Gox and FTX that exchanges are not permanent.
For active trading, centralized exchanges remain essential. But for long-term holdings, self-custody allows investors to control their own private keys and reduce counterparty risk.
At XWIN, we believe the closures of BitMEX and BitMart symbolize more than exchange consolidation—they remind investors that as the industry matures, protecting assets through responsible custody becomes just as important as choosing where to trade.
Written by XWIN Japan

The Binance Reserve Realized Price is once again proving to be an important level for Bitcoin.
In 2022, after Bitcoin lost this level, it later acted as resistance, showing that the market had weakened relative to the average cost basis of Binance’s BTC reserves.
In 2026, the behavior looks different. So far, Bitcoin has managed to hold this level twice, suggesting that the Binance Reserve Realized Price has been acting as support instead of resistance.
This is an important shift. When a realized price level holds as support, it usually signals that the market is still strong enough to defend the average acquisition level of a major exchange reserve.
At the moment, this level is near $61K. If Bitcoin loses this support, it would be a more bearish signal, as it would indicate that price is weakening relative to the entire current Binance reserve base.
In other words, staying above the Binance Reserve Realized Price helps preserve a stronger market structure, while losing it could open the door to deeper downside pressure.
Written by joaowedson

• Jul 26, 2026:
STH: $68K.
BTC: $65K.
LTH: $49K.
• Indicator: By AxelAdlerJr.
Written by Facundo Fama

• Jul 26, 2026:
STH: $68K.
BTC: $65K.
LTH: $49K.
Written by Facundo Fama

Despite the BitMEX and BitMart bankruptcies reported last week, investors did not exit the crypto market. Instead, they moved their assets to more trusted centralized exchanges, primarily Binance and OKX.
This shows that, contrary to fears of a market-wide liquidity crisis, investors are simply distancing themselves from exchanges they perceive as risky. In previous crises, similar events triggered massive capital outflows. Today, however, investors are choosing to keep their funds in the market and transfer them to stronger exchanges—even as major geopolitical tensions and ongoing wars continue to create uncertainty across global financial markets.
In short, recent developments indicate that capital is not leaving the crypto ecosystem. Rather, the existing liquidity is becoming increasingly concentrated on larger and more trusted centralized exchanges.
The key takeaway is that the crypto market appears to be supported by a growing base of long-term investors. Instead of reacting with panic, these participants continue to hold their capital within the ecosystem, demonstrating confidence in the industry's long-term future even during periods of heightened uncertainty.
Written by theKriptolik

The funding rate data for XRP contracts on Binance indicates a return of positive momentum in the perpetual contracts market following the volatility seen in the second half of July. The funding rate reached approximately 0.00138, while the 30-day Z-Score registered 0.21, reflecting a slight move in the funding rate above its recent average.
Prior to the current reading, the funding rate experienced a sharp decline into negative territory, suggesting a temporary shift in traders' positioning toward short positions. However, its return to 0.00138, coupled with the Z-Score rising back above zero, indicates that long positions are regaining some momentum following the recent downward trend.
Nevertheless, the current Z-Score reading of 0.21 remains close to the neutral level and does not indicate overextension or excessive speculation in long positions. This suggests that the derivatives market is currently tilted slightly in favor of buyers, without showing signs of extreme positioning.
Overall, the data indicates an improvement in sentiment among XRP traders on Binance. A continued rise in the funding rate and Z-Score could signal an expansion in buying momentum, while a return to negative readings could indicate renewed pressure from short positions.
Written by Arab Chain

BTC flows into Binance are showing a notable divergence between retail and whale activity ahead of one of this week's most important macroeconomic events.
Binance Whale to Exchange Flow data shows that the 30-d sum of whale inflows fell to $3.9 billion on July 27, down from a recent high of roughly $7 billion on June 12.
That represents a decline of about 44.3%.
Retail inflows have proved considerably more resilient. The 30-d sum currently stands near $7.8 billion, compared with approximately $10 billion on June 5, a decline of only 22%.
This leaves retail inflows at roughly twice the level of whale inflows, with a gap of $3.9 billion.
The divergence suggests that the composition of BTC transfers into Binance has shifted: retail participants are currently significantly more active than whales in sending BTC to the exchange.
However, exchange inflows should not automatically be interpreted as selling, as the metric tracks transfers to the platform rather than the subsequent use of those assets.
Fed Decision Adds a Major Macro Catalyst
The shift comes immediately ahead of the Federal Reserve's July 28–29 FOMC meeting, with the interest-rate decision scheduled for 2:00 p.m. ET on July 29, followed by the press conference at 2:30 p.m. ET.
Fed funds futures currently imply roughly a 36% probability of a 25-basis-point rate hike, leaving an unchanged 3.50%–3.75% target range as the more likely scenario.
Rate-hike expectations have risen sharply as energy-driven inflation risks returned to focus.
For BTC, an unexpected hike could increase short-term volatility by supporting Treasury yields and the U.S. dollar while tightening financial conditions for risk assets. Conversely, a hold accompanied by less-hawkish guidance could ease some of that macro pressure.
With retail inflows now running at 2x whale inflows, Wednesday's Fed decision could provide an important test of whether the current divergence between the two BTC cohorts persists or begins to converge.
Written by Amr Taha

🚨 Wednesday, 9:00 PM: Fed interest rate decision 🎙️ 9:30 PM: Press conference with Fed Chair Kevin Warsh
🚨 Thursday, 3:30 PM: June PCE inflation data 🇺🇸 The advance estimate for second-quarter U.S. GDP will be released at the same time.
Right after the Fed’s interest rate decision, we’ll get the PCE inflation data—one of the key inflation indicators closely watched by the Fed.
We’re heading into a critical 48-hour period that could bring increased volatility across Bitcoin, gold, the U.S. dollar, and equity markets.
This week, managing risk matters more than predicting direction.
Which event do you think will have the bigger impact on markets: the Fed decision or the PCE data?
#Fed #FOMC #PCE #Bitcoin #Gold #USD #Stocks
Written by İbrahim COŞAR

The cryptocurrency exchange industry is entering a new phase of consolidation. Within the past week, both BitMEX and BitMart announced plans to cease operations, marking another major shift in the competitive landscape.
For years, the industry supported hundreds of exchanges competing for liquidity. Today, however, stricter regulations, rising compliance costs, and increasing institutional participation are making it difficult for smaller platforms to survive. Capital is gradually concentrating on a handful of global exchanges.
CryptoQuant's Binance Exchange Reserve chart reflects this structural change. After declining earlier this year, Binance's Bitcoin reserves have recovered and remain at relatively high levels, indicating that liquidity continues to migrate toward the world's largest exchange rather than being evenly distributed across the industry.
This trend should not be interpreted simply as increased selling pressure. Modern exchange reserves also support ETF arbitrage, derivatives trading, institutional custody, and market-making activities. As market structure evolves, reserve balances increasingly represent where liquidity and confidence are concentrated.
In XWIN's view, the closures of BitMEX and BitMart are not isolated events but part of a broader industry consolidation. The next phase of the crypto market is likely to be dominated by fewer, larger, and more transparent exchanges capable of meeting institutional standards. Going forward, investors should pay attention not only to Bitcoin's price but also to where liquidity is accumulating, as exchange reserve trends may provide valuable insight into the future direction of the market.
Written by XWIN Japan

Bitcoin drifted lower this week, closing at $64,297 on July 25 after failing to hold the $66,520 high set on July 21. The price move is unremarkable, but two flow metrics underneath it are less so.
The first is a sharp reversal in stablecoin behavior. Stablecoin netflow into Binance swung deeply negative this week, down over 315% versus the 90-day baseline. Stablecoins leaving the exchange typically means dry powder is being withdrawn rather than staged to buy—a subtle drain of purchasing power that often accompanies fading short-term conviction, even when spot price holds a range.
The second is more unusual. Inflows of relatively young coins aged 3–6 months into Binance exploded to extreme readings—thousands of percent above baseline off a very low starting point. Alongside this, the share of 1–3 month-old coins moving to exchanges rose roughly 208% versus the quarterly average. Younger coins arriving on exchanges generally reflects recent buyers, not long-term holders, repositioning—a group historically quicker to sell into weakness.
The backdrop stays quiet elsewhere. Binance funding rates remain flat near 0.00–0.01 throughout the window, so leverage isn’t driving anything. The Coinbase Premium softened to -0.12 by July 25, its weakest reading of the period, hinting that U.S. spot demand is cooling rather than stepping in.
The takeaway isn’t directional. It’s that two independent signals—stablecoin outflows and younger-coin migration to exchanges—are pointing the same way: toward reduced near-term buying appetite beneath a flat price. That combination has historically preceded softer, range-bound stretches rather than breakouts. Worth watching whether stablecoin flows turn positive again, or whether this quiet drain deepens.
Written by CryptoOnchain

Bitcoin’s Long-Term Holder Net Position Change, measured over 30 days, has surged to one of the highest levels on record. However, this does not simply mean that veteran investors are buying aggressively today.
A major factor is the 155-day classification lag. Bitcoin purchased months ago through spot ETFs, institutional custody platforms, corporate treasuries, and dip-buying investors is now being reclassified as long-term holder supply because it has remained unmoved.
Since the approval of US spot Bitcoin ETFs in 2024, large amounts of BTC have been absorbed into institutional custody. At the same time, exchange balances have declined, reducing the amount of Bitcoin readily available for sale. The 2024 halving has also lowered new supply, further tightening market conditions.
This creates a structural shift: more Bitcoin is being held by investors with longer time horizons, while liquid supply continues to shrink.
Still, record LTH accumulation does not guarantee an immediate price increase. It is better viewed as a supply-side signal. A stronger bullish move would likely require renewed ETF inflows, continued exchange balance declines, improving stablecoin liquidity, and Bitcoin reclaiming key short-term holder cost levels.
XWIN views the current trend as positive for the medium to long term. The market may be building a tighter supply structure that could amplify the impact of the next major wave of demand.
Written by XWIN Japan

On June 1st, 2026, Gate.com launched real stock trading, USDT-settled and executed through regulated brokers, expanding coverage to more than 12,500 stocks and ETFs. An examination of daily data following this date reveals a notable shift in the composition of TradFi trading volume.
Volume Reallocation Across Asset Classes
Over the 30-day period ending July 25th, equity trading volume grew by more than 350 percent, while precious metals volume declined 48 percent and oil 16 percent. This shift should not be interpreted as a flight to safety, as the daily volatility correlation between equities and metals remains positive (approximately 0.59). The data indicate a structural reallocation of volume toward the new equity basket, rather than a temporary defensive rotation.
Broadening of Leadership Across Tickers
Through the end of spring, equity volume was concentrated largely in a single ticker (SPCX). Following the product launch, market leadership became distributed across several tickers:
GOOGLX led with 505 percent growth
AMZNX and COINX each grew approximately 300 percent
MSTRX and INTC exceeded 220 percent
TSLAX remained among the highest-volume tickers, up 129 percent
The distribution of leadership from a single name to a diversified basket is, from a market-structure perspective, a sign of product maturity. This observation aligns with Gate’s Q2 report, in which the user base surpassed 58 million.
Conclusion
The data suggest that the launch of real stock trading has driven a change in users’ capital allocation patterns beyond a simple increase in volume. The ability to access US equities within the same ecosystem, without the need for a traditional broker, has transformed the TradFi segment on Gate.com from an emerging product into an active and maturing market.
Written by CryptoOnchain

The current Z-Score for Bitcoin futures trading volume on Binance stands at -1.19, coinciding with Bitcoin trading near $64,000. This reading is particularly significant, as the indicator has been on a weakening trend since October 2025, before moving into negative territory and remaining at depressed levels over recent months.
A Z-Score of -1.19 indicates that the current trading volume is approximately 1.19 standard deviations below its 12-month average, reflecting a notable decline in futures market activity compared with typical levels. More importantly, this weakness is not a temporary phenomenon but part of a sustained trend that has persisted since October 2025, suggesting a gradual and ongoing decline in trading momentum and market participation within Bitcoin derivatives on Binance.
The prolonged weakness in the indicator has coincided with Bitcoin's decline from its previous highs to around $64,000. This may reflect reduced speculative appetite and increased caution among traders, particularly as futures trading volumes have yet to recover to the elevated levels seen during earlier periods.
However, a Z-Score of -1.19 does not necessarily imply that Bitcoin's price will continue to decline, as the indicator measures the deviation of trading volume from its historical average rather than the direction of price. A recovery of the Z-Score toward zero would suggest that trading activity is returning to more typical levels, while persistently negative readings would indicate that the futures market continues to experience relatively subdued participation.
Written by Arab Chain

The 30-day trend in Miner to Exchange Flow has remained inside a descending channel since mid-2023.
After peaking above 12,000 BTC, miners transferred 4,841 BTC to Binance over the past 30 days, representing 98.66% of all miner flows to exchanges.
Beneath price, this points to a structural reduction in the amount of miner-controlled supply reaching visible spot venues.
Part of the decline is mechanical.
Following the 2024 halving, miners receive fewer BTC for the same amount of computational work, meaning absolute BTC-denominated flows should naturally decrease. Therefore, lower flows cannot be interpreted entirely as stronger miner conviction.
However, the trend may also reflect a more mature mining industry.
Better-capitalized operators can finance expenses through debt, equity issuance, production hedging, or private liquidity channels instead of immediately selling BTC on exchanges. Another possibility is that some miners have already reduced their inventories, leaving less accumulated supply available for future distribution.
The recent recovery from roughly 3,500 BTC toward 6,000 BTC suggests miners used the price rebound to monetize production or cover operating costs. Yet the increase has already faded and remains within the broader downward structure. Despite Bitcoin’s renewed weakness, there is currently no visible expansion consistent with broad miner capitulation.
This is constructive for market structure because miners are contributing less marginal supply to exchanges. But it is not bullish confirmation by itself. The signal becomes stronger if miner reserves stabilize while flows remain subdued.
Conversely, a breakout above the descending channel, combined with falling reserves and deteriorating price, would indicate that controlled distribution is turning into renewed financial stress.
Written by MorenoDV_

Bitcoin’s Supply in Profit has recovered to 57.5% as of July 22, up from the 2026 low of 46.2% recorded on June 30.
In roughly three weeks, more than 10% of the circulating supply flipped from unrealized loss back into profit as price rebounded from the mid $50,000s toward the mid $60,000s.
This recovery is meaningful, but history sets a higher bar. Looking at the last four major bear market bottoms:
April 2012: approximately 69%
November 2015: approximately 64%
May 2019: approximately 83%
April 2023: approximately 77%
Every sustained exit from a prolonged bear market occurred with Supply in Profit at 64% or higher.
The current reading of 57.5% shows improvement and reduced underwater pressure, yet it remains short of the levels that previously marked durable bottoms. Short-term holders are currently spending coins near break-even, with STH SOPR hovering around 1.0, while longer-term holders have continued to show accumulation strength earlier in the year.
The takeaway is neutral to constructive rather than decisively bullish. Selling pressure from holders in loss has eased, but the market has not yet reached the profit cushion that characterized previous cycle recoveries.
It is worth monitoring whether Supply in Profit can push through the 60 to 65% zone in the coming weeks.
Written by theophiluspep