Since July 10, Bitcoin reserves on Binance have increased by around 7%, while total Bitcoin reserves across all exchanges have decreased by about 2.16% over the same period. This indicates a notable inflow of capital into Binance, while other exchanges have seen net outflows — suggesting liquidity migration toward Binance.
Derivative market data strengthens this view. Since August 11, Binance’s Bitcoin Open Interest has surged by 15.38%, whereas total market Open Interest across all exchanges has slightly declined by 0.53%. This divergence suggests that incoming Bitcoin to Binance has primarily been deployed as margin in derivatives trading, while activity on other exchanges has contracted.
During this period, spot Bitcoin prices have remained relatively stable, but have increased by about 4.47% since July 10. This relative price stability alongside rising reserves and concentrated derivatives positioning often signals strategic positioning by whales ahead of significant market volatility. Historically, such data convergence has frequently preceded major price movements.
In summary, during a period of slight market-wide contraction, Binance has managed to capture market share in both spot and derivatives trading. This concentrated increase in liquidity and leverage warrants close monitoring of metrics such as Funding Rates and the Long/Short ratio to identify the likely direction of the next market move.
Written by CryptoOnchain
