Bitcoin spot volume soars 10X, yet traders should be cautious - Why?

Bitcoin [BTC] Spot volume on Binance has surged, almost equaling the combined total across all other exchanges.

In fact, Binance‘s Spot dominance is over 10x higher than Coinbase’s, as per Joao Wedson, Founder & CEO of Alphractal.

This sharp imbalance highlights a growing concentration of market activity, but interestingly, BTC continued to trade around $102.6K, at press time, showing little follow-through yet on the price front.

Source: CryptoQuant

Is THIS a warning sign of growing sell pressure？

This contradicts the bullish Spot volume reading. Positive Netflow often signals intent to sell, especially in volatile conditions.

If inflows continue to outpace outflows, BTC could face short-term pressure, even if trade activity on Binance remains high.

Source: CryptoQuant

Are BTC STHs losing confidence？

Realized Cap HODL Waves (1d to 7d) dropped to 3.548%, down sharply from early Junes 8.1% reading. The metric tracks capital held by recent buyers.

Their exit suggests declining near-term conviction, especially after BTCs rejection near $105K.

Unless fresh capital enters, Bitcoin could struggle to regain bullish momentum.

Source: Santiment

Where are the new users？

Source: Santiment

Does THIS weaken BTCs scarcity narrative？

Source: CryptoQuant

Binance volume rises, but the market stays cautious

Next: Crypto markets weekly winners and losers – KAIA, BCH, SPX, FARTCOIN