Despite a bullish uptick in aggregate exchange flows, Bitcoin’s largest trading venue—Binance—is signaling caution. According to new data from CryptoQuant, a sharp divergence has formed between taker activity on Binance and other centralized exchanges (CEXs), potentially undermining short-term bullish sentiment.
Market Snapshot: Split Between Binance and Other CEXs
Today’s Taker Buy/Sell Ratio across all exchanges briefly surged above 1.35, indicating strong net-buy momentum—the highest print since early April.
However, the exchange, which accounts for 60% of global BTC spot volume, showed the opposite behavior. Its Taker Buy/Sell Ratio dropped to ~0.98, with negative momentum on both the 7-day and 30-day indicators.
This divergence paints a concerning picture: while smaller exchanges logged aggressive buying, Binance’s deep-liquidity order book was dominated by sell-side pressure.
Why Binance’s Signal Matters
Binance is the epicenter of BTC spot price discovery and institutional block trades. Its taker flow has a gravitational effect on market direction:
- Liquidity Gravity: Large players route trades through Binance first. Its taker activity often dictates price movement across the broader market.
- Futures Feedback Loop: Binance’s perpetual futures funding rate quickly reflects spot pressure, potentially intensifying directional moves.
- Historical Precedent: Similar divergences in February 2024 and August 2023 preceded 5–10% BTC corrections within days.
What the Data Shows
- Binance Taker Buy/Sell Ratio
~0.98 (↓ 12% over 7 days, ↓ 25% over 30 days) - All-CEX Taker Ratio Peak:
~1.35 earlier today but now showing signs of reversal - 7-Day Binance Moving Average:
Still trending lower with no signs of buy-side recovery
Outlook: Bull Trap Warning?
The data suggests a potential bull trap forming. Unless Binance’s ratio decisively reclaims 1.05 or higher, the broader market may need to reprice expectations. With Binance showing clear net-selling pressure, bullish prints on other exchanges could be short-lived.
For now, traders are advised to monitor Binance order flow closely, as it remains the primary source of truth for Bitcoin price momentum.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/binance-taker-sell-pressure-signals-market-divergence-bull-trap-risk-rises/