BTC returned to spot trading, with coins returning to Binance. Increased spot market volumes drove the recent recovery above $103,000.
BTC is returning to spot trading, with volumes picking up on Binance in November. After a series of liquidations, derivative trading for BTC became more cautious. At the same time, inflows of stablecoins and BTC from new wallets pointed to a return of spot market activity.
Following another day of long liquidations and a brief dip to the $100,000 range, BTC recovered once again. On Thursday, the leading coin traded at $103,357, as the market bounced from its lows.
Binance marks inflows of spot BTC and stablecoins
In October, Binance saw increased inflows of BTC from newly created wallets. Following a temporary low in September, inflows increased for the past month, setting up conditions for a more active spot market.
Over 25.9K BTC flowed into Binance in October, coming from newly created wallets. In 2025, spot inflows to Binance coincided with more dramatic price moves for BTC. As Cryptopolitan reported earlier, spot markets also offered a safer toolset for trading BTC, while the price remained unpredictable.
While the month saw activity from older whales, moving funds to Binance often uses intermediary addresses. However, the coins may be coming from older reserves.
Binance also carries record reserves of Tether’s USDT. Over $41.7B in stablecoins have been deposited to the exchange, signaling potential preparation for trading or buying. USDC reserves are also near an all-time peak, adding to the available liquidity.
Binance traded over 50,000 BTC in early November
Binance’s spot markets saw a turnover of 50,500 BTC in early November, the highest activity level since the October 10 crash. This volume is significantly higher than the monthly average, and has been reflected in the market price of BTC. Spot market activity shows traders can still revive BTC based on simple spot trading.
The surge in spot volume may signal trader repositioning, potentially returning to new buying. The market has stored liquidity and is still in a wait and see mode. The lack of a strong breakout for now prevents traders and whales from big spot purchases.
Based on the spot activity bubble map, orders are growing larger, but the trading action does not suggest a clear bullish direction. The market is still trading at historically neutral levels.
On the spot markets, selling pressure is easing, but the taker volume has not returned to buying. In November, taker sell orders were still dominant, revealing the still cautious trading mode and profit-taking as a precaution to a bear market.
Sentiment has now shifted and BTC is no longer trading with ‘extreme fear’. The Bitcoin fear and greed index recovered to 27 points following the latest hike to $103,000.