Heightened bearish pressure continues to hamper Bitcoin , causing the flagship asset to fall towards the $113,000 price mark after reaching a new all-time high of $124,000 a week ago. While BTC’s price has fallen sharply, investors are demonstrating robust interest in the asset, especially on Binance. Binance Records Rising Spot Demand In the midst of growing volatility around Bitcoin, a positive trend has been observed among BTC investors on Binance, the largest cryptocurrency exchange in the world. The investor mood was reported by Darkfost, a market expert and author, in a post on the X platform after examining the Binance Spot Vs Futures Dominance metric. Presently, Bitcoin’s spot market on Binance is showing renewed strength, with demand for the flagship digital asset picking up once again. With spot demand rising sharply again, this suggests that investors are regaining interest and are taking advantage of the chance to buy BTC at the current price. Despite recent market volatility, this increase in spot demand not only indicates fresh purchasing pressure but also demonstrates rising confidence that Bitcoin’s long-term trajectory is still intact. Addressing misconceptions among market players or investors, Darkfost has stated that the rise in spot demand does not mean it is dominating. Rather, the average spot-to-futures ratio has risen to a level that is significantly higher than its normal range. It is worth noting that Binance ‘s spot/futures volume ratio has averaged over 0.22 since 2019, which means that for every $1 invested in spot, almost $4 flowed into futures. In the meantime, Darkfost has broken the development into two key factors. These include Rising spot demand on Binance and the declining futures volumes. According to the on-chain expert, this is a very positive indication in general. This is because positive movements typically endure longer when a market is bolstered more by spot demand than by speculation on derivatives , as observed in early and late 2023. BTC Whales And Sharks Are Accumulating Outside Binance, Bitcoin investors are still demonstrating robust demand, especially whales and sharks. Santiment, a leading market intelligence and on-chain data analytics platform, has revealed a notable buying pressure among these investors. Amid the BTC pullback from its all-time high , key whales and sharks went on a buying spree, while retail investors offloaded their coins. With prices down by at least -6.22% since August 13th, wallet addresses holding between 10 BTC and 10,000 BTC purchased about 20,061 more coins. Data shows that this group of investors has acquired over 225,320 BTC since March 22, indicating strong conviction in the asset’s prospects. During this period, there has been a significant relationship between the holdings of this group and the direction of future price movement for most of the last five years.
Cardano (ADA) Price Prediction for August 31
