ICP rallies 14% as on-chain activity rises but sellers step in
Internet Computer (ICP)
Editor:
Eugene Serbin
ambcrypto.com reports that Internet Computer [ICP] has surged 14% as the broader cryptocurrency market enters a recovery phase. This price growth is supported by on-chain metrics, specifically a 10% increase in stablecoin liquidity over seven days, which reached approximately $3.98 million. Blockchain fees also climbed to a high of $9,210, marking one of the highest levels seen in months.
Despite these positive on-chain signals, off-chain data suggests a potential decline is approaching. The Open Interest-Weighted Funding Rate has flipped to a negative reading of -0.0086%, indicating that short positions are dominant in the perpetual market. CoinGlass data shows open interest in this market surged 12% to roughly $103.46 million, fueling these short positions.
Additionally, the Taker Buy/Sell Ratio dropped to 0.87, signaling growing selling pressure as investors place bids for a decline. The source notes that unless the funding rate turns positive and volume supports buyers, ICP’s performance could weaken further.
How the market reacted
Whalio's own Binance spot order flow for ICP, measured when this story was written up on 8 September 2026. Not the outlet's figures.
Whalio’s Binance spot data for ICP shows a price of $2.99 with a 24-hour buy ratio of 49.1%, which is slightly lower than the 48.3% seen in the last hour. The 4-hour buy ratio sits at 47.4%, indicating that buying pressure is currently fading compared to the longer-term average. Volume Delta reflects this imbalance, showing a net outflow of -$15,639 over the past hour and -$123,675 over four hours. Over the full 24 hours, the net outflow reaches -$440,372, with Cumulative Volume Delta closing at -$269,628. A buy ratio below 50% means sellers are executing more trades than buyers, while a negative volume delta indicates that the total value of sell orders exceeded buy orders. This data confirms that selling pressure is actively outweighing buying interest on the spot market right now.
The latest daily buy ratio of 49.0% sits at the 46th percentile of the last 324 days, against a median of 49.2% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ICP, averaged over the days leading up to the story.
Over the preceding week, ICP experienced a 24.4% price increase, yet net buying occurred on only 3 of the 7 days. The 7-day average buy ratio was 49.6%, which is 0.6 percentage points higher than the latest day’s reading, showing a slight dip in relative buying strength. Trading volume was 3.51 times the average, indicating that today is an unusually active day for the coin compared to its normal baseline. Total volume delta for the week stood at -$865,505, confirming that despite the price rally, sellers have been the dominant force in terms of net flow. This contrasts with the current 24-hour volume of $25,714,707, highlighting that the recent surge in activity is driven by heightened participation rather than sustained net buying.