On-chain data shows that the Buy/sell ratio of Bitcoin takers has seen a significant increase on a particular crypto exchange. Here’s how it could impact the price of the leading cryptocurrency.
Bitcoin investors are buying the dip on this exchange
Ali Martinez, a prominent cryptography expert, adopted the X platform to reveal that investors on a particular exchange have taken advantage of the recent drop in the price of Bitcoin. The relevant metric here is the taker buy/sell ratio, which measures the ratio of the taker’s buying volumes to the taker’s selling volumes.
Generally, when the value of this metric is greater than 1, it implies that the taker’s buying volume is greater than the taker’s selling volume on the exchange in question. In this case, more traders are ready to buy parts at a higher price on the trading platform.
Conversely, when the taker’s buy/sell ratio is less than 1, it means more sellers are willing to sell coins at a lower price, indicating that the selling volume is greater than the buying volume .
Bitcoin taker buy/sell ratio | Source: Ali_charts/X
According to data from CryptoQuant, the buy/sell ratio of Bitcoin takers on HTX Exchange (formerly known as Huobi) recently climbed above 545 on Saturday. This suggests a significant increase in buying pressure and a change in investor sentiment.
Martinez noted in his article on X that this spike in bullish pressure could be a signal of an imminent rise in Bitcoin prices. These high buying volumes on the HTX exchange follow BTC’s recent fall to $65,000.
It should be noted, however, that the average Buy/sell ratio of Bitcoin takers on all exchanges is always less than 1. At the time of writing, the value of this metric is around 0.8.
Average BTC mining cost exceeds $86,500
The latest data shows that the average cost of Bitcoin mining has climbed to $86,668. This figure reflects the cumulative expenses associated with producing one BTC, including electricity, hardware, and operating costs.
As Ali Martinez points out in a post on, each significant increase in the average mining cost of BTC is usually followed by a corresponding increase in the coin’s market value. Against this historical backdrop, the latest increase in the average mining cost suggests that a price rise could be on the horizon for Bitcoin.
#BitcoinThe average mining cost is currently $86,668.
And guess what? Historically, $BTC still exceeds its average mining cost! pic.twitter.com/S3UkwgvS3N
– Ali (@ali_charts) June 15, 2024
As of this writing, the price of Bitcoin continues to hover around the $66,000 mark, with no significant change over the past day. According to data from CoinGecko, the leading cryptocurrency has fallen almost 5% over the past week.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Barron’s, chart from TradingView
