The data shows that the volume of net bitcoin takers has been mostly at negative levels recently. Here's what this could mean for the asset's price.
The net volume of bitcoin takers has been mostly negative in the last month
As CryptoQuant community manager Maartunn noted in a post on
“Net Buyer Volume” is an indicator that tracks the difference between the buyer's buying and selling volumes of bitcoin. Naturally, the two volumes measure the buy and sell orders executed by takers in perpetual swaps.
When the value of this metric is positive, it means that the buyer's buying volume is greater than the buyer's selling volume at this time. This trend implies that the majority of the market shares a bullish sentiment.
On the other hand, the indicator below the zero mark suggests the predominance of a bearish mentality in the sector, as short volume exceeds long volume.
Now, here is a chart showing the trend in net bitcoin taker volume over the last month:
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/Net-Bitcoin-Taker-Volume-Remains-Negative-What-It-Means.jpeg" alt="Net volume of bitcoin takers” width=”4000″ height=”2250″/>
The value of the metric appears to have been negative in recent days | Source: x.com/JA_Maartun/status/1803727539325526024/photo/1" target="_blank" rel="noopener nofollow">@JA_Maartun on x
As shown in the chart above, the net volume of bitcoin takers has seen only a few spikes into positive territory during this window, and the scale of these spikes has not been too large either.
The rest of the time the indicator has been within the red region, often observing significantly negative values. As such, it appears that buyer sales volume has dominated the market over the past month.
The chart shows that the only phase of this period in which positive values reached a notable scale accompanied an increase in the price of the cryptocurrency. As such, the metric may need to turn green again if btc has to recover a bit.
Net buyer volume has not been the only indicator that has been bearish for bitcoin recently; It appears that Coinbase's premium gap has also been negative, as CryptoQuant Founder and CEO Ki Young Ju shared in an x. x.com/ki_young_ju/status/1803803863121646029″ target=”_blank” rel=”noopener nofollow”>mail.
<img loading="lazy" decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/1718982611_396_Net-Bitcoin-Taker-Volume-Remains-Negative-What-It-Means.jpeg" alt="bitcoin Coinbase Premium Gap” width=”4000″ height=”2250″/>
Looks like the value of the metric has been quite red in recent weeks | Source: x.com/ki_young_ju/status/1803803863121646029/photo/1" target="_blank" rel="noopener nofollow">@ki_young_ju on x
Coinbase Premium Gap tracks the difference between bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). The indicator value reflects how investor behavior on Coinbase differs from that on Binance.
As the chart shows, the bitcoin Coinbase premium gap has remained in underwater territory recently, suggesting that Coinbase has been experiencing more selling pressure than Binance. This selling could be one of the reasons why the asset has been stuck in consolidation lately.
btc Price
bitcoin is trading around $64,800, which is within the range where the asset has been moving sideways for a while now.
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The price of the asset seems to have been going down recently | Source: BTCUSD on TradingView
Dall-E Featured Image, CryptoQuant.com, TradingView.com Chart
