Bitcoin continues to trade below its recent highs, extending a pullback that began after reaching a record level above $124,000 last week. As of today, the cryptocurrency is priced around $115,347, reflecting a 7.7% drop from its peak and a 3% decline over the past week.
The downturn highlights a loss of momentum, with market data suggesting reduced demand from buyers on major exchanges. According to recent analysis shared on CryptoQuant’s QuickTake platform, the decline is closely tied to shifting activity on Binance, the world’s largest crypto exchange by volume.
Arab Chain’s analysis noted that between early August and August 22, Bitcoin slipped from levels above $123,000 to near $113,000. During the first half of the month, strong waves of buyer activity supported upward price moves.
The analyst emphasized that Binance data carries weight given the platform’s depth and liquidity. A decline in buying activity despite stable overall volume points to a cautious stance from large traders and institutions.
In addition to exchange data, unusual activity between miners and Binance has drawn attention. Arab Chain also highlighted an increase in transfers from Binance to miner-linked wallets, a reversal of the more common pattern of miners sending Bitcoin to exchanges for sale.
Past episodes of such flows, averaging more than 10 BTC per transaction, preceded rebounds in the market earlier this year. This may suggest that miners are holding back supply or preparing reserves in anticipation of future price strength.
Featured image created with DALL-E, Chart from TradingView
