Crypto Market Sees Strongest Bitcoin Buying Demand Since Early 2023

• The ratio of market buy and sell orders rose to 1.17, the highest since January 2023.
• The indicator signals the strongest one-day buying momentum in the current cycle.
• The factor may have been a reversal of Vanguard’s bitcoin-ETF trading policy, CryptoQuant noted.

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The ratio of market buy and sell orders on exchanges reached 1.17 – the highest since the beginning of 2023. This was reported by analysts of the CryptoQuant platform.

Experts noted that the indicator compares the volume of market purchases with sales in the market of open-ended futures. A value above 1 indicates the advantage of aggressive demand, and the sharp growth on December 2 demonstrates the strongest one-day tilt toward buyers over the past two years.

According to analysts, such dynamics is typical for market expansion phases — when structural demand grows and liquidity recovers.

In addition to technical signals, the market could be supported by a fundamental factor — the change in policy of investment company Vanguard, which opened access to ETF trading for more than 50 million clients, the statement said.

Signals from the macro segment also support such a scenario. Key stress indicators have hit lows and the market is moving from a stressed phase to a liquidity recovery phase, experts emphasized. They added that historically, such periods have often preceded long phases of bitcoin growth.

At the same time, experts advise to closely monitor macro-financial risks, in particular the situation in Japan, which remains uncertain.

Recall, earlier analysts said that the interest of retail investors and Binance reserves indicate that the bottom of the market is approaching.