Binance Spot-to-Futures Ratio Reaches 1.5-Year High Amid Bitcoin’s $109K Price

Bitcoin (BTC) has shown upward momentum, briefly trading above $109,000 before retracing to $108,959, a 3.5% increase over the past 24 hours. This positions it less than 1% from its all-time high of $109,958.

Key Developments

The rally builds on weeks of gradual price increases.
Market metrics indicate complex trading behavior beneath the surface.

Futures Activity and Trading Behavior

New data from CryptoQuant analyst Maartunn reveals that the spot-to-futures volume ratio on Binance has reached 4.9, its highest in 18 months. On May 12, Binance recorded:

$30.17 billion in spot trading volume
$115.56 billion in futures trading volume

This indicates speculative interest is significantly exceeding direct buying pressure.

Market Sentiment and Profitability

Another CryptoQuant analyst, Crazzyblockk, reports that profitability among investors remains high:

Wallets holding BTC for less than one month are up 6.9% in unrealized gains
Short-term holders (less than six months) are seeing 10.7% gains

No significant signs of mass profit-taking or distressed selling have emerged, suggesting market stability. The balanced distribution of gains across different investor groups indicates reduced volatility risk.

Existing macroeconomic risks and external volatility remain, yet the current market structure appears stable, potentially setting the stage for a price breakout beyond previous highs.