For the past 45 days, Binance Derivatives has witnessed relentless sell-side activity from taker users. This is evident in the Cumulative Volume Delta (CVD), which remains negative throughout the period.
Despite aggressive short positions via market sales, Bitcoin has maintained its range between $100,000 and $110,000 and has effectively absorbed the ongoing sell pressure.
Bitcoin Absorbs Aggressive Shorts
Binance traders have viewed each bounce or rally as an opportunity to enter shorts, highlighting a consistent bearish sentiment among derivatives traders. Yet, the price structure has remained intact. CryptoQuant explained that this suggests potential for further upside if the current trend persists.
The CVD, which aggregates taker and maker activity to track net buy/sell pressure, further confirmed the dominance of sell-side flows, with consistent declines reflecting aggressive selling.
However, Bitcoin’s strength amid these flows may indicate absorption by larger institutional players operating quietly in the background.
The divergence between the relentless selling on Binance Derivatives and Bitcoin’s stable price action is notable, which could set the stage for a breakout if the absorption of sell pressure persists. As long as the leading crypto asset continues to trade within its current range while absorbing aggressive sell flows, the structure remains bullish.
Meanwhile, the funding rates on Binance have declined even as Bitcoin consolidates above $108,000, as traders are betting against a rally. Such a setup could add upward momentum if forced liquidations occur.
Altcoins, however, have struggled to keep pace with Bitcoin’s resilience during this period.
Altcoins Show Fatigue
According to Kaiko, Bitcoin is charting its course in 2025, owing to rising institutional flows, regulatory clarity, and deepening liquidity on US exchanges. Investors are now looking for cues to a potential impending breakout. So far, the data leans bullish.
Bitcoin’s risk-adjusted returns have outpaced most altcoins, with its Sharpe ratio surpassing even high-flyers like SOL and XRP. Lower volatility and steady institutional demand are reinforcing this divergence, while altcoins are showing signs of fatigue. Market activity within altcoins is consolidating, with the top ten now making up 63 of altcoin volume, up from 50 months ago, as smaller-cap tokens lose traction.
