Binance currently shows rare bearish signals: funding rates have been negative for three consecutive days, exchange deposits are rising, and the sell order ratio remains high.
Traders' sentiment on the Binance trading platform is shifting bearish, with multiple key indicators showing a lack of short-term confidence in the market.
According to monitoring data from CryptoQuant, the platform's key indicators display a triple warning. First, the funding rate for perpetual contracts on the exchange has remained negative for three consecutive days, which is uncommon this year.
Secondly, the seven-day moving average of user deposits on the exchange has been steadily rising. If the price trend receives strong demand support, it could create greater downward pressure;
Thirdly, the BTC sell order ratio remains consistently above the warning line of 0.52, which may indicate that the selling sentiment among platform traders is strengthening;
Moreover, when the derivative trading volume of the largest exchange shows bearish sentiment, it can also negatively impact the entire market.
This shift in sentiment occurred on October 11, after the market experienced a historic liquidation, during which the total liquidation scale reached 19 billion USD, affecting over 1.6 million traders.
Analyst COINDREAM pointed out that the increase in deposits and high sell orders at the current low price level indicates that investors may be preparing for further reductions. If market demand does not recover in time, these factors will create new downward pressure.
It is worth noting that although the crypto market has rebounded from its lowest point, the prices of BTC and major altcoins still show significant gaps compared to pre-crash levels.
While some observers believe that this liquidation has cleared excessive leverage from the market and that the bulls and bears are tending toward balance, the behavior patterns of Binance traders indicate that most participants remain cautious about immediately re-entering the market.
Currently, market attention is turning to the U.S. stock market and macroeconomic data. Some analysts believe that if BTC holds the key support level of 110,000 USD, it is expected to reach new highs, but key indicators from the exchange suggest a greater likelihood of continued declines in the short term.
In summary, the continuous negative funding rates, rising deposit amounts, and high sell order ratios appearing on the Binance platform clearly reflect the fragile mindset of traders after the market experienced historic liquidation.
Although excessive leverage has been cleared, the cautious behavior of traders indicates that rebuilding confidence will take longer.