Binance’s field distance ratio reached a peak of 1.5 years as Bitcoin recovered $109K
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Bitcoin continues to show up momentum as it finally retracts its key price mark. Starting with the latest data, BTC traded briefly for $109,000; however, it has reviewed and is now trading at $108,959, up 3.5% over the past 24 hours.
That puts the assets less than 1% away from the all-time high of $109,958 recorded in January. The rally was built on weeks of gradual price appreciation, indicating that investors’ bullish sentiment continues. But while the price action appears strong on the surface, market indicators indicate a more subtle picture below.
New data from crypto analyst Maartunn shed light on the shift in trading behavior, especially Binance, the world’s largest cryptocurrency exchange.
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Bitcoin futures activity reaches 1.5 years high with the blob to the future
In a recent QuickTake post by Maartunn, titled “The field ratio (Binance) reaches 1.5 years high”, analysts noted that the ratio between field and futures volume has reached 4.9, the highest level in 18 months.
On May 12, Binance’s spot trading volume was $30.17 billion, while futures trading was $115.56 billion. This 4.9-fold difference suggests that speculative interest, usually driven by leverage, is currently far outweighs the direct buying pressure seen in the spot market.
Futures ratio attractions provide insight into the balance between actual asset purchases and derivative-based speculation. A higher ratio means that trading is more concentrated in the futures market, in which case traders bet on price changes without owning the underlying assets.
This pattern usually reflects short-term emotions and positioning rather than long-term convictions. While increased futures activity can expand market transfers, it may also be cautious due to hedging rather than accumulation. The ongoing gap between field and futures volumes suggests that speculative leverage plays a central role in Bitcoin’s current rally.
Balanced profitability indicates market stability
Meanwhile, the chain chain indicator proposed by another crypto exaggerated analyst Crazzyblockk further brings broader market sentiment. According to his data, the profitability of investor associates remains high: earnings for less than a month of BTC-holding wallets rose by 6.9%, while short-term holders (less than six months) yielded 10.7%.
Despite the increased margins, there are no obvious signs of quality profit or poor sales. Unrealized profit/loss (UPL) ratios indicate that although most of the network is profitable, the distribution of benefits among different investor groups remains relatively balanced.
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This type of uniformly distributed profitability has historically been associated with reduced volatility and reduced risk of sudden correction. Crazzyblockk noted that in previous cycles, a group of (usually short-term holders) had extreme profit concentrations, usually before a major sell-off.
However, the current structure looks more stable and there is no sign of excessive sales pressure. While macroeconomic risks and external volatility are still factors worthy of attention, the combination of strong price action, stable accumulation and limited distribution suggests that the market may be preparing for a new phase, which could lead to a breakthrough at the current all-time highest level in Bitcoin.
Feature images created with DALL-E, TradingView’s chart
