On June 24, Binance’s Net Taker Volume surged above $100 million for the first time since June 9.
While the bullish spike in Binance Net Taker Volume may indicative of robust buying momentum, such surges are often attributed to aggressive retail buying or the forced unwinding of over-leveraged short positions.
In these instances, the spike does not necessarily signify sustainable demand but rather short-term volatility caused by liquidations or speculative FOMO.
This milestone aligns with total stablecoin net outflows from derivative exchanges surpassing $1.25 billion, representing the largest capital withdrawal from these platforms since mid-May.
Federal Reserve Chair Jerome Powell Hints at Rate Cuts :
* during the second day of his semiannual testimony before Congress, Federal Reserve Chair Jerome Powell stated that “future commercial agreements could allow the Federal Reserve to consider cutting interest rates.”
* This marked a notable shift in tone, hinting at potential monetary easing if certain economic conditions align.
Swiss Franc Hits Multi-Year High as Safe-Haven Demand Surges :
* The Swiss Franc (CHF) broke above 1.24 against the USD for the first time in years, reinforcing its reputation as a traditional safe-haven currency during times of global economic or geopolitical uncertainty.
Decline in U.S. 2-Year Treasury Yields :
explained on chart.
Conclusion: Is Bitcoin on the Verge of a Pullback?
* Jerome Powell’s recent indication that the Federal Reserve may begin considering rate cuts introduces macroeconomic uncertainty and signals a possible shift toward risk-off sentiment.
* The $1.25 billion withdrawal of stablecoins from derivative exchanges considerably undermines the structural support for new long positions. Without an influx of fresh capital into leveraged products, this has historically served as a precursor to market corrections.
Written by Amr Taha
