Weekly order flow: $674M of net selling, three fifths of it stablecoin rotation
Bitcoin (BTC)
Across the 145 Binance spot markets Whalio tracks, takers were net sellers of $674.0M in the week to 2 September. The week before they were net buyers of $589.4M, a swing of $1.26bn. Turnover fell with it, from $68.23bn to $42.76bn.
The headline figure describes stablecoins more than it describes crypto. USDC, FDUSD, TUSD, USD1 and RLUSD account between them for $399.9M of that net selling, on $19.68bn of turnover. That is one dollar token being rotated into another, not exposure being cut. Gold-backed PAXG and XAUt add a further $19.3M.
Strip stablecoins and gold tokens out and the remaining 137 markets were net sellers of $254.8M on $22.76bn of turnover - still negative, but a little over a third of the headline number. On the same basis the previous week was $799.6M of net buying.
Breadth was weak however the flow is sliced: 43 of the 145 coins finished the week higher.
The two largest markets both leaned negative. Bitcoin fell 2.13% with $129.6M of net taker selling across $7.42bn of turnover, and takers were net sellers on three of the seven days. Ethereum fell 4.58% with $115.6M of net selling on $4.66bn, and was net sold on five of seven.
Uniswap was the week's clearest exception. UNI rose 33.65% with $18.3M of net taker buying on $380.8M of turnover, and only one of the seven days closed with net selling. Three other markets drew net buying while their prices fell: BNB took $11.6M against a 2.64% decline, Zcash $12.0M against a flat week, Solana $6.1M against 1.61% lower. Cardano sat at the other extreme, net sold on all seven days, its price down 5.27%.
These are Binance spot markets only, and taker flow measures which side crossed the spread, not money entering or leaving the asset class. A coin can be bought heavily on one venue and sold on another, and nothing here captures futures, options, or trading away from the order book.
The measurements
Computed by Whalio from closed Binance spot candles. Every figure on this page can be reproduced from the same public exchange data; the method is on the methodology page.
Net flow is the sum of every trade that lifted an offer minus every trade that hit a bid, counted in dollars. Read on its own, last week's figure looks like a broad retreat. Read with the stablecoin pairs removed it looks like a moderate one, concentrated in the two largest coins.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
For scale
What these measurements normally look like, so the figures above can be told from ordinary ones.
For scale: across the twelve weeks to 2 September, weekly net flow in these markets has ranged from $3.15bn of net selling in the week to 1 July to $589.4M of net buying in the week to 26 August. Ten of those twelve weeks were negative. Last week's $674.0M sits among the milder of them.