Pressão de compra enfraquece em BTC e ETH enquanto métricas de volume mostram quedas sustentadas

O mercado cripto dá sinais de fôlego curto. Os dois gigantes, Bitcoin e Ethereum, enfrentam uma retração clara no interesse dos compradores - e os números do volume confirmam a tendência de baixa.

Volume em Queda Livre

Os gráficos mostram linhas que descem, não sobem. A atividade de negociação nos principais pares perde força dia após dia, sugerindo que os investidores estão mais na defensiva ou simplesmente desviando o capital para outros cantos do mercado. É aquela velha história: quando o volume some, a convicção também some.

O Que os Dados Silenciosos Revelam

Não é apenas um mau dia. Os declínios se sustentam, pintando um quadro de cautela prolongada. Enquanto alguns esperam por um novo impulso de alta, o mercado parece estar tomando fôlego - ou se preparando para algo. Em tempos assim, até os otimistas mais ardentes começam a checar o saldo da conta com mais frequência.

O jogo agora é de paciência. A pressão de compra pode ter enfraquecido, mas na criptoeconomia, como bem sabem os veteranos, a direção do vento muda mais rápido do que a opinião de um analista de Wall Street após o terceiro café da manhã.

Crypto market buying pressure is in free-fall mode, sentiment still on fear

According to data from CryptoQuant charts shared by Mignolet, taker buy volume on Binance peaked during the mid-2021 rally at levels near $15 billion, coinciding with Bitcoin trading between $60,000 and $65,000. 

But during the current cycle, Bitcoin’s price pushed toward the $90,000 region around the same time, yet Binance taker buy volume failed to revisit prior highs. BTC’s October peaks saw volumes hovering closer to $10 billion to $11 billion, and it has been declining since August, with no sustained recovery visible on the charts.

The chart also marked an “orange zone” period, where a meaningful reversal in volume would be expected if a new expansion phase were underway. Yet, buying activity continued to weaken after that zone, while price advanced further. Mignolet said this behavior signals a final distribution phase and the end of a renewed accumulation cycle.

“The market will require time to recover. Whether the traditional four-year cycle has broken remains uncertain, but even if it has, that question is not particularly relevant in the current phase,” the analyst surmised.

Bitcoin active addresses are going down, hodl or sell?

Bitcoin’s active address count, which is the number of unique addresses participating in transactions, dropped from a 3-year high seen at the end of 2024 to just over 800,000 in December this year.

Active addresses peaked above 1.15 million during last year’s “Trump market,” in late 2017 and early 2021. Looking at the charts in 2025, Bitcoin’s advance toward $90,000 failed to reach those levels, and active addresses moved in closer to the 800,000 range, with the 30-day moving average sloping downward.

“Active address metrics can be closely linked to OTC activity on-chain, and this slowdown is a clear indication that overall market participation and vitality are fading,” Mignolet explained.

More evidence of cooling demand appears in exchange inflow data on Bitcoin and Ethereum transfers. On November 24, when Bitcoin traded at $88,438, Coinbase recorded seven-day cumulative inflows of $21.026 billion, while Binance saw inflows of approximately $15.279 billion. 

By December 21, when Bitcoin’s price edged slightly higher to $88,635, Coinbase inflows dropped to $7.763 billion over seven days, a decline of nearly 63%. Binance inflows also fell to $10.259 billion over the same period.

The king coin also encountered its strongest spell of selling pressure in the past three years, according to Joao Wedson, founder and chief executive of analytics platform Alphractal. In a post on X, Wedson mentioned that sellers have gained control after recent attempts to push prices higher. 

BTC has been facing the strongest selling pressure since 2022.

But there is good news: this likely won’t last long.
And when this happens, it usually signals a price bottom — or, at the very least, a longer period of sideways consolidation before a continuation of the decline,… pic.twitter.com/cmVHsFyoWU

Bitcoin briefly rallied above $90,000 on Monday, reaching an intraday high of $90,536 on Bitstamp, but failed to hold those levels. At the time of writing, Bitcoin has shed 2.5% from its value over the past 24 hours, trading around $87,500. 

Second largest crypto by market, Ethereum, also failed to keep its upper boundary channel price of $3,000, and once the lower channel support was broken, a correction began to unfold, taking it back to $2,900. Its immediate support is near $2,708, while a more significant zone for bulls set up camp is around $2,406. 

According to data from Coinglass, total crypto market liquidations in the last day reached approximately $250 million, a 27% uptick from the previous 24 hours. 

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