The buying power of the world’s largest exchange, Binance, has dropped to a significantly low level. The last time this metric hit this level was during July-August 2024, after which a rally followed. Although it looks like textbook-style exhaustion, the market doesn’t move because it falls in line with a single chart, says an analyst.
Dry powder in Binance is at low levels
The Binance Buying Power Ratio, which measures the stablecoins against the Bitcoin outflow, has fallen to historic levels. The 90-day buying ratio has dropped to -0.086, meaning the dry powder on the world’s largest crypto exchange is at its lowest point in over a year.
On the crypto calendar, the last time this happened was July–August 2024. It was when Bitcoin was ranging between $54K and $68K, sentiment was shaky, and the same ratio bottomed at -0.094. However, what followed that was a BTC run to $102,000 by December.
Calling it an exhausting market is neat storytelling
However, analyst Lavneet Bansal stated that every cycle, traders hunt for the indicator that will call the exact bottom, and this time it’s the Binance Buying Power Ratio. But one exchange metric sitting at a prior low doesn’t automatically recreate the same outcome, especially in a market structure that now includes ETFs, fragmented liquidity, and a much larger stablecoin base.
A compressed 90-day ratio tells us buying power has thinned, not that a rally is guaranteed. Calling it ‘textbook exhaustion is neat storytelling, but markets rarely move because a single chart echoes the past. Context matters more than pattern-matching.
Lavneet Bansal, Crypto Analyst
The context in the crypto market is quite bearish. The crypto market cap has drastically fallen to $2.8 trillion from above the $3 trillion level in late January 2026. The crash in January is quite visible, evident in the chart below.
However, come February, the crash ceased, and the market is consolidating. With geopolitical tensions building around the world, the market was forced to find a new equilibrium just above $2 trillion.
