Recent on-chain data reveals a significant withdrawal of stablecoins from derivative exchanges, coupled with a notable divergence between Bitcoin's price and Binance's Open Interest.
These converging signals suggest a cautious outlook for Bitcoin in the immediate term
Divergence Between Bitcoin Price and Binance Open Interest:
This divergence is technically significant:
* Bitcoin recently retested its all-time high of $110,000 (last seen on May 27), but Binance Open Interest (OI) failed to reach its previous peak from late May.
* This divergence suggests that while price momentum remains strong, futures market participation (OI) is weakening
Massive Stablecoin Withdrawals from Derivative Exchanges:
* over $750 million worth of stablecoins have been withdrawn from derivatives exchanges—a significant movement that closely mirrors a similar large-scale withdrawal that occurred on May 29, 2025, also valued at approximately $750 million.
* Such synchronized outflows are often indicative of capital rotation or strategic shifts in trader behavior, and when they appear near market highs, they may also reflect hedging or de-risking activity.
Conclusion :.
As Bitcoin hovers near the key psychological level of $110,000, the lack of confirmation from Binance OI, coupled with a repeat of large stablecoin outflows from derivatives platforms, raises the probability of a short-term pullback.
This does not necessarily invalidate the broader bullish structure. Rather, it suggests that a healthy retracement or consolidation may be needed before BTC can sustainably break above $110K and target new all-time highs.
Written by Amr Taha
