The on-chain metric tracks the 7-day average net amount of Bitcoin entering or leaving Binance, excluding internal wallet transfers. It, thus, indicates whether users are predominantly depositing BTC (sell pressure) or withdrawing BTC (accumulation).
According to Crazzyblockk, the stream of bearish pressure that has lasted the past 48 days on Binance began as mild selling on April 19. On May 28, however, readings from the metric escalated into territory that connotes strong sell pressure for Bitcoin, and has remained the case since.
Crazzyblock highlighted that during this 48-day period, Binance reserves have risen from 619,529 to 659,488 BTC, representing approximately 39,958 BTC in growth. Notably, the crypto analyst pointed out that June 2 saw the highest level of sell pressure, as reflected in the daily adjusted net inflow’s peak of +8,791 BTC and the 7-day moving average’s rise to +0.844.
Binance Bear Pressure Not Whale-DrivenIn an interesting turn of events, Crazzyblockk highlighted that both the Bitcoin sell pressure on Binance and the 7-day Moving Average have declined from their recent summits. “By June 5, the daily adjusted inflow had pulled back to +1,679 BTC and the 7D MA had compressed to +0.691,” the analyst noted
Crazzyblockk pointed out that there was recently an accumulation signal (seen on March 14), which preceded the 48-day sell streak that played out. Given that both the 7D MA and daily flows have begun to decline, the market is in an uncertain phase.
