Binance futures beat spot by 7.82x as gap hits record
Binance saw $57.82 billion in daily Bitcoin futures volume versus $6.08 billion in spot, a futures-to-spot ratio of 7.82, CryptoQuant data showed as BTC traded near $64,000.
CryptoQuant data released Friday showed Binance recorded $57.82 billion in daily Bitcoin futures volume and $6.08 billion in spot volume, producing a futures-to-spot ratio of 7.82. Bitcoin was trading near $64,000 when the readings were reported.
CryptoQuant noted that traders are increasingly using futures for leverage, risk management and short-term strategies. Arab Chain, a CryptoQuant analyst, wrote that the pattern “reflects a shift in market activity, with more investors and traders preferring to use futures for leverage, risk management, and short-term trading strategies.”
The firm’s rolling 30-day measures indicate both spot and derivatives demand have eased in recent months, with spot volumes declining more consistently since June. CryptoQuant reported BTC/USD has spent roughly two months trading in a narrow range above $60,000.
Ki Young Ju, CryptoQuant’s CEO, wrote on X that “Bitcoin spot demand is weakening. Futures demand remains net positive, but is significantly lower than during the rebound three months ago.” CryptoQuant highlighted a major spike in onchain realized losses when Bitcoin first fell to the $60,000 area in February and said subsequent retests have produced lower volume.
Bitfinex Research reported broadly decaying volume across both spot and derivatives and said most trading sits in the middle of Bitcoin’s local range rather than at the extremes. The group added that options traders appear positioned for rangebound action in August and that options pricing and hedges suggest a downside resolution of the range could occur in September.
CryptoQuant’s net realized profit and loss metrics and other demand indicators have trended lower on a 30-day basis. The data also shows continued use of options by traders and funds to manage risk around the narrow price range, with hedging activity skewed toward protection against declines as September approaches.
The 7.82 futures-to-spot ratio is the highest recorded by CryptoQuant for Binance and quantifies the current divergence between derivatives and cash trading on the exchange.
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