Bitcoin derivatives trading on Binance reached a record divergence from spot markets this week, with daily futures volume hitting $57.82 billion against spot trading of just $6.08 billion, according to onchain analytics platform CryptoQuant.
The 7.82-to-1 ratio marks an extreme shift in market structure. “Bitcoin spot demand is weakening. Futures demand remains net positive, but is significantly lower than during the rebound three months ago,” said Ki Young Ju, CryptoQuant CEO.
Bitcoin has traded in a narrow range above $60,000 for the past two months, contributing to the exodus from spot markets. The cryptocurrency was trading near $64,000 at the time of the report.
Futures Preference Over Spot
Arab Chain, a CryptoQuant contributing analyst, attributed the shift to trader behavior. “Bitcoin is trading near $64,000, while futures trading volume continues to grow at a faster pace than spot trading volume. This trend reflects a shift in market activity, with more investors and traders preferring to use futures for leverage, risk management, and short-term trading strategies,” Arab Chain said.
On a rolling 30-day basis, both spot and derivatives demand continue to deteriorate, with spot showing more consistent decline since June 2026. When Bitcoin retested the $60,000 mark after February, subsequent retests saw lower volume as both buyers and sellers became exhausted.
Options Market Signals Range Continuation
Bitfinex Research flagged decaying volume across both spot and derivatives markets. “For now, volumes cluster in the middle of the range and thin out near the extremes. Taker volume especially is a sign that neither side is pushing hard to break the range in either direction,” Bitfinex Research said.
Options traders positioned for rangebound conditions following July’s 7.4% Bitcoin gain. “Options traders are effectively pricing in a continuation of the range and, on aggregate, hedging for a downside resolution of it several weeks from now,” Bitfinex Research added.
The data was released by CryptoQuant on Friday, August 2, 2026.
