Bitcoin markets are seeing remarkable activity ahead of today’s critical US economic releases.
Binance recorded a net outflow of more than 3,400 BTC in the last daily session, just hours after Bitcoin’s price surged past $109,000.
The first chart clearly illustrates the significant negative netflow on Binance (orange bars), emphasizing that traders or investors are moving substantial BTC amounts off the exchange, often interpreted as a signal of intent to hold long-term or to reduce exposure to short-term volatility.
At the same time, the second chart shows Binance’s Spot Volume Share skyrocketing from 41% to 56% of the global spot trading volume.
This sharp increase underscores Binance’s growing dominance in the Bitcoin spot market, suggesting traders are turning to Binance for liquidity.
Macroeconomic Context
This major BTC movement coincides with a highly anticipated batch of US economic data, including:
* Non-Farm Employment Change
* Unemployment Rate
* Average Hourly Earnings
These indicators are critical because they shape market expectations for inflation and guide Federal Reserve interest rate decisions.
Market Implications:
Bitcoin outflows from Binance alongside the sharp rise in spot trading activity, it appears investors are positioning for potential upside volatility.
Many investors appear to be betting that employment figures could fuel ongoing rallies in equity markets and risk assets like Bitcoin, as expectations for rate cuts or a prolonged pause in hikes gain traction.
Written by Amr Taha
