Following Bitcoin’s all-time high (ATH), Binance metrics are once again signaling a shift in market sensitivity: the perpetual price has dropped below the spot price. This change in the price gap points to two possible scenarios:
Binance users may be accumulating Bitcoin through spot purchases.
Alternatively, selling pressure is persisting in the perpetual market.
As Bitcoin approached its ATH, we observed a surge in long positions, causing the perpetual price to exceed the spot price. This was a clear sign of overheating in the derivatives market and led to the formation of a local top. What followed was a pullback phase, indicating the beginning of short-term market normalization.
Currently, the spot-perpetual price gap remains in negative territory, suggesting that short positions are dominating the market. The fact that the perpetual price continues to trade below the spot price reveals ongoing downward pressure in derivatives trading.
This metric — which reflects the emotional behavior of Binance users — has regained significance near major price levels. As such, it remains a key indicator for traders looking to gauge short-term sentiment shifts and market direction.
Written by BorisVest
