New data from on-chain analytics platform CryptoQuant reveals that Bitcoin is entering a phase of accumulation as selling pressure on exchanges eases. The 30-day moving average of Bitcoin's netflow on Binance has turned sharply negative in recent weeks, indicating that more BTC is leaving the platform than entering it. This sustained negative trend suggests investors are adopting a holding strategy rather than selling, potentially influenced by renewed institutional acquisitions and Michael Saylor's accumulation approach.
The latest data follows a major market correction over a week ago, which wiped out nearly $19 billion in derivatives positions and briefly knocked Ethena Labs' USDe stablecoin off its dollar peg. Despite short-term sentiment remaining fragile, CryptoQuant analysts emphasize that the 30-day average provides a clearer view, stating, "The trend has been strongly negative, indicating accumulation." This pattern often precedes renewed upward momentum, as historical data shows reduced on-exchange reserves since early October.
Additionally, negative funding rates on Binance have persisted for six of the past seven days, hovering around -0.004%, reflecting a bearish market sentiment and what analysts term a "phase of disbelief." This period, marked by trader skepticism after corrections, can spark rebounds as short sellers are forced to cover positions. If the current pattern holds, the high number of shorts could trigger a short squeeze, similar to events in September 2024 when BTC rebounded from $54,000 to over $100,000, and in 2025 when it rallied from $85,000 to $123,000. While macro factors could influence outcomes, the data suggests selling pressure may be easing, with Bitcoin's price gradually rising and coins flowing into exchanges as accumulation continues.
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