Traders dump $4.3 billion BTC on Binance as exchange sells more Bitcoin than other exchanges combined
Binance absorbed the majority of net selling pressure, leading to $4.3 billion in BTC inflows, highlighting its role as the market's marginal seller.Summary
Binance recorded significant Bitcoin inflows of nearly $4.3 billion between February 2nd and 3rd, coinciding with a price decline. Data from Traderview indicates that Binance absorbed 79.7% of the net selling pressure across five major exchanges, despite handling only 42.8% of the total spot volume. This concentration of selling pressure positions Binance as the marginal seller, meaning its trades dictate price discovery across the market, even without controlling the majority of volume. This is attributed to Binance's deep liquidity, dominance in perpetual futures, and its central role in arbitrage connectivity. The article outlines three scenarios for the future: a base case where connectivity recovers and selling pressure disperses; a bear case where Binance remains the marginal seller amid persistent outflows; and a stress case where market segmentation widens due to constrained arbitrage capacity. Ultimately, the market's price is being set by the venue where liquidity is deepest and derivatives risk unwinds fastest.
(Source：CryptoSlate)