Over the past 45 days, Binance Derivatives has experienced relentless sell-side activity. Despite this, Bitcoin's price remains stable, attracting the attention of analysts.
Bitcoin and Sell Pressure on Binance Derivatives
There is ongoing aggressive selling on Binance, as reflected by the negative Cumulative Volume Delta (CVD), indicating the dominance of sell-side flows. Nevertheless, Bitcoin has maintained its price range between $100,000 and $110,000. This suggests larger institutional players might be absorbing sell pressure, keeping the price robust. "This could indicate potential for further upside if the current trend persists," notes CryptoQuant.
Brief Overview of Altcoin Market
In comparison to Bitcoin, altcoins show signs of fatigue. Kaiko's data suggests that Bitcoin has outperformed most altcoins in terms of risk-adjusted returns. Steady institutional demand underpins this divergence, while altcoins continue to consolidate, with the top ten now accounting for 63% of total altcoin volume. "Smaller tokens are losing traction as larger players direct their funds towards more stable assets."
Outlook and Predictions for Bitcoin
Despite selling pressures, Bitcoin remains resilient. Analysts note a decline in funding rates on Binance, potentially creating upward momentum if forced liquidations occur. If the price continues to stay within its current range, significant growth could follow.
Thus, the current situation in the Bitcoin and altcoin markets highlights a difference in the resilience of these assets. Bitcoin remains stable amid aggressive selling, providing a basis for positive expectations.
