Peter Smith
⬤ Bitcoin hovered around $93,600 on Tuesday as trading data exposed a striking divide between major exchanges. Binance flipped back to buying mode while Coinbase kept unloading coins. The price swung between $91,684 and $94,476 throughout the session, with volume patterns showing traders repositioning after recent chatter about a possible supercycle taking hold.
⬤ The numbers tell the story clearly: Binance's cumulative volume delta climbed to roughly 20.37 million, showing steady accumulation. Coinbase went the other way, dropping to around negative $25.97 million as sellers dominated. OKX and Bybit each pulled in modest inflows near 9 million, while Bitstamp sat slightly negative at about 6,700. The price dipped sharply toward $91,684 before bouncing back to $94,476, suggesting these uneven flows were driving the volatility.
The split between Binance buying and Coinbase selling can create localized volatility and reveal early changes in sentiment across different regions.
⬤ BTC settled back around $93,600 as markets digested the conflicting signals. Binance's renewed buying seemed to cushion the drop and fuel the recovery, while Coinbase's persistent selling kept US spot flows under pressure. The timing lined up with louder talk about a potential supercycle, pushing traders to adjust their positions quickly.
⬤ This matters because when major exchanges show opposite liquidity trends, Bitcoin's price structure tends to react fast. The pattern reveals how different regions and trading venues are interpreting shifting cycle expectations, offering early clues about where momentum might head next.
Peter Smith
