[Analysis] "Binance-originated selling pressure is driving Bitcoin's short-term weakness"

An analysis has emerged that Binance-originated selling pressure is at the center of Bitcoin (BTC)'s recent short-term weakness.

On the 16th (local time), CryptoQuant author Avocado_onchain said, "Recent on-chain data clearly show that Binance-originated selling pressure is leading the market. Coinbase premium, the funding rate, and the market order buy/sell ratio are all sending consistent signals."

According to the author, the Coinbase premium recently remained in positive territory, but the Bitcoin price continued to fall. This is interpreted to mean that selling pressure on Binance moved the market more than increased buying in the U.S. In addition, Binance's funding rate has remained in negative territory for four consecutive days, reflecting short-term bearish sentiment. The market order buy/sell ratio is also at its lowest level in the past year, indicating a clear sell-side dominance.

However, the author viewed the likelihood that this correction will lead to a long-term trend reversal as low. He said, "Bitcoin is still holding key on-chain support levels, and selling by long-term holders is limited," and he projected, "From a long-term perspective, there is still room for upside."