Bitcoin Buy-Sell Ratio at 0.97, With Slight Tilt Toward Sell Orders
Key Facts
Binance’s coverage published on November 11 showed that the Bitcoin market buy-sell ratio stood at 0.97, indicating a slight tilt toward sell orders over the period covered. The indicator measures the volume of purchases by traders executing market orders against the volume of their sales; when the ratio is below 1, buying volume is lower than selling volume during the measured window. CryptoQuant calculates the indicator from perpetual contract trades on each exchange, according to its guide. The reading therefore relates to perpetual contract activity and does not on its own describe spot trading direction. The ratio was included in broader coverage of Bitcoin fund flows and options, amid a market showing signs of a selling bias across more than one trading instrument.
The coverage said U.S. spot Bitcoin funds recorded net outflows of $95 million on Tuesday, the fourth consecutive day of net outflows through November 11. It cited SoSoValue data on daily flows in this context. The figure puts the ratio reading alongside weakening institutional demand through funds over several consecutive days. But outflows relate to funds, while the buy-sell ratio measures order execution in the perpetual contracts market. Each metric reflects a different aspect of market activity over the period covered.
Options data on Deribit showed that put contract volume was 1.5 times call contract volume for Bitcoin options expiring between November 12 and November 27. Puts also accounted for 8 of the 10 most active Bitcoin contracts, with strike prices between $69,000 and $74,000, according to Binance’s coverage. These figures suggest activity was concentrated in contracts that give holders the right to sell, but they remain options-trading data and do not on their own establish the next price direction. They were part of a set of market indicators distinct from the market-order ratio in perpetual contracts. The coverage thus brought together a reading that leaned slightly toward selling in perpetual contracts with greater activity in put options.
In price action, Bitcoin posted a daily close of $74,015.19 on November 11, then closed at $71,460 on November 12, according to EL7 data. These closes provide a time frame for market moves around the November 11 coverage, without establishing a causal link to the buy-sell ratio or options activity. On November 12, EL7 published a story about Bitcoin liquidations on Binance exceeding $520 million, describing them as the highest monthly total since 2021. Liquidations remain a separate indicator from flow and options data, although the earlier story adds context on trading activity on the exchange. The latest price reading available here is the November 12 close.