Surge in Retail Interest: Binance Users Accumulate 6,870 BTC as Long-Term Investors Liquidate
Retail traders on Binance have made significant purchases of 6,870 BTC in a single day even as long-term holders liquidate their assets.
Bitcoin traders on Binance have acquired 6,870 BTC in a single day as prices surged past $91,400. This buying spree occurred even while long-term holders (LTHs) took advantage of the rise to liquidate their holdings.
Retail Buying Surge as Long-Term Holders Cash Out
Data from on-chain analyst Amr Taha, released just hours before the market decline, illustrates a potential market turning point. On November 23, the total cost basis for short-term holders (STH)—representing BTC held for less than 155 days—exceeded $51 billion, marking the highest level since December 2024 and indicating a significant influx of new retail investors.
This buying pattern has historically coincided with market peaks. Conversely, the realized cap for long-term holders fell by about $47 billion, suggesting that seasoned investors were offloading their assets to newer retail buyers.
Given similar trends observed before significant market corrections in December 2024 and March 2024, Taha cautions, “Whenever STH buy aggressively while LTH sell to them, price tends to cool off soon after.” Following these patterns, Bitcoin saw a $5,000 decline shortly after the buying frenzy.
Retail purchases were primarily concentrated on Binance. As Bitcoin climbed past $91,400, the daily retail buying volume on the exchange peaked at 6,870 BTC, valued at approximately $628 million at that moment.
Market Instability Amid a Directional Search
Market dynamics reveal volatility, with reports from commentators like Wise Crypto and The Kobeissi Letter identifying over $600 million in crypto longs liquidated, and one instance of a $14.48 million ETH/USDC position liquidated on Binance within an hour. A rapid $5,000 price drop for Bitcoin resulted in over $200 billion wiped from the total crypto market value without any discernible macroeconomic or regulatory cause, with one commentator labeling it a “pure manipulation dump to eliminate leverage again.”
Bitcoin’s current state is characterized by consolidation between crucial levels: significant support around $84,570 (where over 610,000 BTC last changed hands) and a notable resistance threshold near $112,340. The recent decline from the $91,800 area has seen Bitcoin trade around $86,300, reflecting a 5% drop over the last 24 hours while testing its recent lows.
