Key Takeaways
- Binance’s 37% dominance in BTC spot volume reinforces its role as a market bellwether, but fading on-chain metrics suggest caution, even as positive Funding Rates keep traders leaning long.
Bitcoin [BTC] spot trading surged past $9.2 trillion in the first half of 2025, with Binance alone handling 37.34%, or over $3.44 trillion, according to new data.
This overwhelming lead places Binance well ahead of competitors like Bybit, OKX, and Coinbase, which together accounted for only 29% of total volume.
Naturally, Binance’s liquidity dominance makes it the focal point for big market moves, where whales strike first and hardest.
Bottom line? Any major BTC trade likely routes through Binance, ultimately making it the first place to watch when volatility strikes.
Are THESE signaling a pause in Bitcoin’s growth momentum?
Bitcoin’s on-chain valuation indicators were showing signs of cooling, possibly reflecting waning investor activity.
At press time, the NVT Golden Cross dropped by 16.76%, hinting that BTC may have hit a local top.
Similarly, the Network Value to Metcalfe Ratio fell 15.38%, suggesting that network growth is not keeping pace with price.
And, the Puell Multiple dipped 7.96%, showing miner revenues are softening relative to historical averages.
In fact, this trio of pullbacks hints at fading on-chain momentum, with demand and network strength no longer rising in sync with price.
Are miners preparing to hold?
Now to miners – they are often the market’s earliest movers.
Miner Netflow Total dropped 11.55%, indicating a decline in the number of BTC sent to exchanges.
This shift suggests that miners are holding their coins rather than selling them into the market. While this doesn’t guarantee bullish momentum, it does remove a key source of potential overhead supply.
If demand resumes while Miner Outflows remain low, it could create favorable conditions for a price lift. Miners are likely waiting for better prices before liquidating their holdings.
Futures traders hold their nerve
Despite recent weakness in on-chain and miner activity, derivatives data suggests that traders remain cautiously optimistic.
At press time, the BTC Volume-Weighted Funding Rate stood at +0.003%, consistent with most of June.
It means that most traders are still paying to hold long positions, not to mention these are expectations of upward price movement.
Therefore, while spot market activity has slowed, leveraged traders haven’t pulled back. If spot buying picks up in line with this sentiment, it could reignite bullish momentum.
For now, confidence in the futures market appears to be holding steady.
Source: CoinGlass
With Binance commanding over a third of all BTC spot volume, its trading activity holds outsized influence.
On-chain indicators and miner flows point to a cooldown, but derivatives traders still show faith in a rebound.
Whether Bitcoin gains or loses steam next may hinge on how Binance-based volume responds to these conflicting signals.
