Against the backdrop of Bitcoin’s narrow trading range in recent months, CryptoQuant analyst EgyHash notes a change in the structure of the futures market. Attention is shifting from large trades to retail trader activity, while the overall trend indicates a slowdown.
Futures Market Is Cooling
Against the backdrop of Bitcoin’s tight price range in recent months, CryptoQuant analyst EgyHash notes a shift in the futures market’s structure. Attention is moving away from block trades toward retail activity, and the overall picture points to a slowdown.
Despite inflows of institutional capital, Bitcoin’s price remains range-bound. The key activity gauge – the futures market – shows signs of weakening. Analysis of the Average Order Size, calculated as trading volume divided by the number of trades, points to a shrinking share of large positions. That indicates growing retail participation and a weaker footprint from big players.
A second signal comes from the so-called Futures Volume Bubble Map. It shows trading activity contracting and the market entering a cooling phase.
Sellers Are Increasing Pressure
The Taker CVD (90-day Cumulative Volume Delta) shows selling dominance. A persistent negative delta means sellers are more often initiating trades. That strengthens bearish expectations among participants and suggests the price could continue to drift lower.
Growth Seems Unlikely Unless Whales Return
The analyst stresses that without an active return of profit-seeking large players, Bitcoin is unlikely to break out of the current range. A sideways market or further decline is the more probable scenario.
Previously: Historical Pattern Points to a Potential Pullback
On August 20, another CryptoQuant analyst, CQ Ben, highlighted Bitcoin’s cycle patterns. In the last two bull phases, significant drawdowns tended to occur roughly 480 days after the halving. If the pattern repeats, the current correction could last another 2-4 weeks. After that, by his estimates, the market could shift to recovery and print a new high around the 510th day after the halving – by late September or early October.
This post is for informational purposes only and is not advertising or investment advice. Please do your own research before making any decisions.
