Key notes
- Binance is experiencing Bitcoin outflows as a sign of accumulation.
- Selling pressure is fading, but still no sign of a large inflow of stablecoins.
- Uncertainty could trigger high volatility as investors ride the waves.
Bitcoin
BTC
$107,633
24h volatility:
3.0%
Market capitalization:
$2.15 tonnes
Flight. 24h:
$57.91 billion
as well as the broader crypto market, saw further short-lived bullish momentum on October 20 as bears once again took control.
The global crypto market cap declined 3% to $3.66 trillion, according to data from CoinMarketCap. BTC plunged from its daily high of over $111,700 to $108,000.
However, CryptoQuant analyst Burak Kesmeci wrote that Bitcoin’s selling pressure on Binance had “significantly” decreased.
Selling Pressure Fades as Binance Netflow Turns Strongly Negative
“This suggests that investors prefer to hold rather than sell, which generally corresponds to the accumulation phases of market cycles.” – By @burak_kesmeci pic.twitter.com/gxN48Jhc2v
– CryptoQuant.com (@cryptoquant_com) October 21, 2025
According to the chart presented by Kemeci, overall net flows from Bitcoin to Binance have been negative on average over the past 30 days. The analyst interprets this movement as a sign of “accumulation phases” despite market turbulence.
“Daily noise does not define the trend, but the 30-day average does,” Kesmeci wrote.
The market still uncertain
Bitcoin is moving out of Binance, but buying strength is still relatively weak. According to data from CoinGlass, the leading exchange saw $108 million in USDT inflows over the past 24 hours.
On the other hand, USDT
USDT
$1.00
24h volatility:
0.0%
Market capitalization:
$182.04 billion
Flight. 24h:
$101.17 billion
Net flows to the top 13 exchanges, tracked by CoinGlass, remain negative, recording a net outflow of $93 million over the past day.
Despite the bullish on-chain data, the market was found to be affected by negative macroeconomic events.
The new threat of 100% tariffs against China, which triggered $19.35 billion in liquidations and a $400 billion sell-off, remains a dominant negative catalyst for the cryptocurrency market.
Even bullish expectations for the two upcoming macroeconomic events on October 21 and 22 (the Fed’s “Payments Innovation Conference” and the pro-crypto roundtable, led by Democratic Senator Kirsten Gillibrand, with industry leaders) could not maintain the bullish momentum.
Currently, the cryptocurrency market is driven by short-term trends and experiences high volatility. This momentum may continue until the macroeconomic situation becomes clearer, so that investors can make more informed decisions about investing in higher-risk assets.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his credit and his work has been featured in some of the leading media outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Besides reporting, Wahid likes to connect the dots between DeFi and macro in his newsletter, On-chain Monk.
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