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The "Taker Buy-Sell Ratio" of Bitcoin (BTC) has experienced a significant increase on various cryptocurrency exchanges, indicating a revived bullish sentiment around the $29,000 mark.

On August 1st, the ratio on Bybit experienced a sharp increase to 1.36, marking its highest point in a span of at least one year. This data was meticulously monitored and recorded by CryptoQuant, a blockchain analytics company situated in South Korea. Ratios surpassing 1 signify that the buying volume from takers is surpassing the selling volume, indicating a bullish sentiment prevailing in the trading market. Bybit, renowned as the world's third-largest exchange for perpetual crypto futures in terms of both trading volume and open interest, remains at the forefront of this dynamic landscape.

The ratio reached its highest point in three and a half months at 1.17 on the BitMEX cryptocurrency exchange on Tuesday, and it achieved a six-month peak of 1.31 on OKX, another trading platform, on July 30th.

The buy-sell ratio of takers in perpetual swap markets is calculated by dividing the buy volume by the sell volume. Perpetual swaps are derivative contracts similar to futures, but they do not have an expiration date. This enables traders to engage in speculation regarding the value of the underlying asset.

Market takers encompass trading entities that place instant orders to purchase or sell securities, thereby depleting liquidity from the existing order book. This group includes both trading firms and individual investors. On the other hand, market makers are entities specialized in generating liquidity within the order book, maintaining a steady flow of buy and sell orders.

The taker buy-sell ratio on BitMEX (CryptoQuant)


The data clarifies the recent inability of bears to maintain Bitcoin's value below $29,000.

Starting from July, Bitcoin has formed numerous daily price candles characterized by extended lower shadows, suggesting short intervals of trading below $29,000. On Tuesday, there was a price surge of over 2%, propelling Bitcoin above the $30,000 threshold.

Per CryptoQuant's CEO Ki Young Ju, a surge in the taker buy-sell ratio observed on less active exchanges such as BitMEX frequently indicates escalated purchasing activity by whales or significant investors.

"Bitcoin whales opened giga longs at $29,000," Ju tweeted Tuesday, referring the taker buy-sell ratio.