Binance Bitcoin Perpetual-Spot Gap Narrows—Are Bulls Finally Making a Comeback?

Key Insights:

• Binance’s BTC perpetual-spot gap narrows after extended bearish period.
• Taker buy-sell ratio on Binance climbs to 1.79, indicating buyer strength.
• Bitcoin transaction volume remains above $5 trillion in Q1 2025.

Key Binance indicators suggest a possible bullish reversal in Bitcoin (BTC) price trends. The narrowing perpetual-spot gap and rising taker buy ratio pointed to growing market confidence.

Analysts also tracked continued strength in transaction volume. The formation of a Golden Cross added further weight to expectations of a broader uptrend.

Perpetual-Spot Price Gap Shrinks After Long Bearish Phase

Binance’s perpetual-spot price gap is the difference between futures and spot Bitcoin prices. A negative gap, which most of 2022 and 2023 saw, means futures traders were not confident about short-term price gains. This is usually an indication of hesitation or bearish sentiment.

That negative gap has been shrinking since the final quarter of 2024. The chart is starting to fade the red bars that dominated it, and soon there may be green bars, which are a positive gap. When this gap was positive in the past (as it was in late 2020 and early 2024), Bitcoin entered strong upward trends.

When this metric last turned positive in late 2020 and early 2024, BTC experienced major rallies. With prices currently near $85,000, the shift may again point toward increased buying pressure in derivatives.

Taker Buy-Sell Ratio Signals Growing Buyer Demand

Moreover, CryptoQuant also tracks the rise of the taker buy-sell ratio on Binance, which is another key sign. This metric compares the volume of aggressive buyers to sellers. The ratio reached 1.79 on April 12, when Bitcoin’s price was $85,682.

If the ratio is above 1.0, it indicates that buyers are more active and willing to pay higher prices in order to enter the market. At 1.79, this is one of the highest levels in recent sessions and implies that buyers are now driving price action.

The ratio was below 1.0 several times between April 8 and April 10, indicating less buying strength. Such a sudden upward move could indicate a change in control with the bulls gaining strength.

Transaction Volume Stays Strong in Early 2025

Bitcoin’s transaction volume remains high across the recent quarters. In Q3 2023, volume stood at $2.0 trillion. The number of dollars rose to $2.7 trillion in Q4, then jumped to $4.6 trillion in Q1 2024. Q2 and Q3 2024 saw small declines to $4.3 trillion and $4.4 trillion, but the trend bounced back to $5.7 trillion in Q4.

In the first quarter of 2025, transaction volume was $5.5 trillion, just a little bit less than the previous quarter. Even as Bitcoin prices are volatile, these figures indicate consistent market participation and increasing usage.

High volumes often indicate more liquidity and participation, which can fuel price growth.

Golden Cross Appears as in Past Bull Markets

Meanwhile, MerlijnTrader shares historical analysis that BTC has just formed another “Golden Cross.” This pattern occurs when a short-term moving average crosses over a long-term one. It is often used to indicate a change to an uptrend.

Historically, the Golden Cross preceded large rallies. In 2016, Bitcoin rose 139%. In 2017, the rally reached 2,200%. In 2020, the gain was 1,190%.

While current price levels are already elevated, the signal may still attract trend-following buyers. As in past cycles, the cross suggests the potential start of a new long-term uptrend.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.