Bitcoin Endures 48-Day Bearish Streak on Binance as Sell Pressure Mounts

Bitcoin has faced persistent bearish momentum over the last seven weeks, with on-chain data revealing a significant streak of sell pressure on Binance. While the market has seen brief periods of recovery, the consistent inflow of BTC to the world’s largest cryptocurrency exchange suggests that investors have been leaning heavily toward distribution rather than accumulation since mid-April.

Analyzing the Binance Inflow Streak

According to recent analysis from CryptoQuant, Bitcoin has been under constant sell pressure on Binance for 48 consecutive days. This trend, tracked via the 7-day moving average of the Exchange Net Flow Indicator, began as mild selling on April 19 before escalating sharply in late May. During this period, Binance’s Bitcoin reserves surged by nearly 40,000 BTC, growing from approximately 619,529 to over 659,488 BTC. The peak of this selling activity occurred on June 2, marking the highest level of daily adjusted net inflows during this bearish cycle.

Retail vs. Whale Distribution

Interestingly, the data suggests that this downward pressure may not be driven solely by institutional "whales." While large-scale players accounted for an average of 46.76% of the inflows, analysts note that this distribution pattern does not mirror typical institutional sell-off events. As of early June, the intensity of the selling has begun to compress, leaving the market in a state of uncertainty. Traders are now watching closely to see if this decline in sell pressure signals a genuine price reversal or merely a temporary pause before the next leg down. As of the latest reports, Bitcoin continues to trade around the $61,000 mark. Market experts emphasize that the next several trading sessions on Binance will be critical in determining the asset's short-term direction, as the market looks for a signal that the current distribution phase has finally reached its conclusion.