From Coinpedia · By Shubham Vishwakarma
Bitcoin is facing another critical test around $75,000 after failing to sustain its recovery above $80,000. The latest sell-off has extended pressure across the crypto market, with technology stocks weakening and leveraged positions facing heavy liquidations. Meanwhile, a sharp decline in Binance’s spot-to-futures volume ratio suggests derivatives trading is increasingly dominating Bitcoin activity. With Bitcoin price approaching a support zone that has held several times in recent months, the next move could determine whether the market stabilises or extends its correction toward $73,000.
Advertisement Bitcoin Slides Toward $75K as Market Sell-Off Deepens
Bitcoin fell more than 5% on Thursday, dropping from above $80,800 to around $76,000 as weakness in US technology stocks spread into the cryptocurrency market. The decline erased much of the post-election recovery and brought BTC back toward levels seen before Wednesday’s rebound.
The broader market sell-off added to the pressure. Investors reassessed technology valuations and the returns expected from large-scale AI investments, triggering losses across major technology stocks. Bitcoin’s correlation with risk-sensitive assets has also left it vulnerable to the deterioration in broader market sentiment.
The decline was amplified by forced selling. Approximately $428 million in crypto long positions were liquidated within one hour during Thursday’s sell-off, according to figures reported by market coverage. This indicates that leveraged bullish positions added to the downward pressure as prices fell.
Bitcoin Futures Volume Exceeds Spot Trading by Nearly 11 Times
Bitcoin’s derivatives market is showing another sign of caution. Amr Taha highlighted that Binance’s spot-to-futures volume ratio has dropped to 9.2%, approaching its late-February reading of 9.3%.
The indicator compares spot trading volume with futures activity. At the current reading, just $9.20 is traded in Bitcoin’s spot market for every $100 in futures volume, meaning futures trading is nearly 11 times larger than spot activity.
The shift becomes more notable when compared with May 4, when the ratio reached 39.4%. Bitcoin was trading near $80,000 at the time before declining approximately 28% toward $58,000–$59,000 by late June and early July. Since that peak, the ratio has contracted by 30.2 percentage points, or approximately 76.6%.
This suggests that Bitcoin trading activity on Binance has become increasingly concentrated in derivatives rather than spot markets. A higher dependence on futures can leave prices more sensitive to leverage, liquidation events and rapid changes in trader positioning.
However, the ratio alone does not establish that another major correction is coming. It is a Binance-specific indicator and needs to be assessed alongside spot demand, ETF flows and broader market conditions.