Bitcoin surged past $79,000 during Wednesday’s New York trading session as buying momentum picked up, while exchange balances continued to decline—signaling lower near-term selling pressure, according to new analysis.
Key takeaways:
- Bitcoin hits $79,000 as onchain data signals a return of buyer demand
- Bitcoin reserves on exchanges keep declining as long-term holders accumulate, tightening the available supply for sale.
Bitcoin buyers on Binance appear to be returning, as demand for BTC derivatives rebounds, according to data from CryptoQuant.
Cumulative net taker volume—a metric tracking the net difference between aggressive buyers and sellers in Bitcoin futures—has climbed to $9.2 billion on Binance, marking its highest level since February.
The surge suggests that buyers are once again “stepping in aggressively and absorbing available sell-side liquidity,” said Amr Taha in a Wednesday QuickTake note.
This shift has coincided with Bitcoin’s recent move above $79,000, signaling a broader return of demand across derivatives markets.
“When aggressive buying reaches this level, it typically reflects renewed conviction among market participants,” Amr Taha added.
“As long as this demand profile remains firm, buyer control on Binance continues to support the broader bullish structure.”
The 90-day Futures Taker cumulative volume delta (CVD)—which tracks the net difference between buy and sell volume over a three-month period—adds further support to this trend.
The indicator has been climbing steadily since late March, signaling persistent buying pressure.
“This sustained increase shows that aggressive market participants are consistently lifting the ask,” said Abdullah Zia, adding:
“This is a high-conviction signal showing that demand is actively absorbing any available sell-side liquidity in the futures market.”
Meanwhile, demand for spot Bitcoin exchange-traded funds (ETFs) continues, with these investment products recording seven consecutive days of inflows, totaling $1.9 billion.
As previously reported, several Bitcoin indicators are turning bullish, including the bull score index reaching six-month highs—potentially signaling the early stages of a new bull market.
Exchange supply tightens
Data from CryptoQuant points to tightening supply, with BTC reserves on Binance continuing to decline significantly.
The data shows that Bitcoin holdings on Binance have fallen to roughly 618,300 BTC, down from around 675,000 in early January.
Historically, such reduced exchange balances have coincided with macro market bottoms, as seen in late 2022, early 2024, and mid-2025.
“When exchange supply contracts at these levels, it suggests investors are holding onto their Bitcoin rather than selling—often moving it into personal wallets—which increases overall market scarcity,” said Rei Researcher in a Wednesday QuickTake note, adding:
“This often leads to a sharp price increase in the next bullish cycle.”
Additional data points to an ongoing accumulation phase, with Bitcoin long-term holders—defined as those holding for more than 155 days—increasing their buying activity.
The LTH net position change has remained positive since March 1, with roughly 130,000 Bitcoin accumulated over the past 30 days.
Bitcoin moving off exchanges while long-term holders increase their positions typically signals reduced near-term selling pressure and stronger investor conviction.
If the trend persists, it could point to a phase where limited supply and rising demand push Bitcoin prices higher, the analyst added.
