The ratio of market buy to sell orders across major crypto exchanges has surged to 1.17, the highest level since early 2023, according to data from CryptoQuant.
Analysts noted that the indicator tracks aggressive market buying versus selling in the perpetual futures market. A value above 1 signals dominant buyer activity — and the sharp spike on December 2 marked the strongest single-day shift toward demand in nearly two years.
Experts say this pattern typically emerges during early market expansion phases, when structural demand increases and liquidity conditions start to recover.
Institutional Moves and Liquidity Trends Strengthen the Bullish Case
Alongside technical signals, analysts point to a key fundamental catalyst: a policy shift at Vanguard, which has opened ETF trading access to more than 50 million clients.Such a move could further accelerate institutional participation, one of the main drivers of long-term market expansion.
Macro-level indicators support the same narrative.Analysts report that several stress metrics have dropped to their lowest levels, suggesting the market is moving from a stress phase into a liquidity recovery phase. Historically, these transitions often appear shortly before prolonged Bitcoin growth cycles.
CryptoQuant added:
“Taken together, these data suggest that the current bullish cycle is likely far from over. The adoption of ETFs, renewed institutional participation, and early liquidity reversal all point toward further expansion, not exhaustion.”
Still, analysts urge investors to keep an eye on macro-financial risks, particularly developments in Japan, where economic uncertainty remains a potential shock factor.
Previously, experts also highlighted that rising retail interest and strong Binance reserves indicate the market may be nearing a structural bottom — adding another layer of support to the bullish outlook.