Bitcoin's recent rally has led cryptocurrencies to retest the $122,000 level. At the time of writing, BTC is trading at around $119,053, marking a short-term revision after regaining a massive high at the beginning of the week.
This move comes as traders and analysts are closely watching signs of strength or weakness in the market at current price levels. One metric that draws attention is the share of Binance in global trading volume.
According to Cryptoquant analyst Borisvest, the domination of exchanges in trading activities provides a valuable context for interpreting Bitcoin's performance at its highest ever high (ATH).
By comparing the volume distribution across exchanges during previous ATH periods, the analysis attempts to determine whether a broader market is participating in the assembly or whether activities are concentrated on a single platform.
Concentration of Bitcoin exchange volume and market signal
A review by Borisvest found that the first ATH of 2024 saw the volume of global markets rise and Binance's trading activity is more than twice as much as all other exchanges.
When Bitcoin retested ATH later that year, the overall market volume rose across multiple platforms, but Binance maintained a lead in total trading share.
In contrast, when Bitcoin set a new record in mid-2025, total market volume showed no significant increase compared to previous rallies. Binance still recorded nearly twice the volume of other exchanges, but concerns have risen due to the lack of wider market volume expansion.
Analysts pointed out that historically, ATH, supported by a wide volume of growth, tends to show strong market convictions. The lack of participation from other exchanges could illustrate potential challenges in maintaining higher prices over the coming months.
On-chain patterns suggest gradual market advancements
In another evaluation, crypto analyst Avocado Onchain inspected Binary Coin Days (CDD), a metric that tracks coin movement over time. This indicator has recently been lowered after a short rise, with Bitcoin price trading being traded within lateral range.
Historically, an increase in binary CDDs has been linked to sales pressure from long-term holders, and often leads to corrections. However, current market conditions shaped by changes in custody solutions, off-the-shelf trading activities, and institutional investment strategies make interpretations more complicated.
Avocado Onchain highlighted that the recent cycle has seen a rise in binary CDD followed by either lateral long-term trading or medium revisions.
Current data supports what analysts describe as “step-like” gatherings. Here, the market progresses gradually, cooling short-term speculative activity. This pattern, if maintained, could prevent rapid depletion of momentum purchases and allow for more stable and long-term growth.
Other chain data suggest that sales from long-term holders remain curtailed, indicating limited pressure to leave their position at current price levels.
This is consistent with the view that short-term movements may be bound by scope, but broader trends maintain the potential for future benefits, and are conditioned on wider participation and sustained investor demand.
Special images created with Dall-E, TradingView chart
