Bitcoin buyers are becoming increasingly aggressive, but the market isn't reacting the way many traders would expect.

Over the past week, Binance recorded roughly $1.09 billion in Bitcoin cumulative volume delta (CVD), compared with just $22.5 million on Hyperliquid, according to market data from Velo. That means aggressive buying activity on Binance has been nearly 50 times greater than on the decentralized perpetuals exchange.

Under normal conditions, sustained buying pressure of that magnitude would be expected to push prices higher. Instead, Bitcoin has remained locked below key resistance, suggesting a large amount of selling liquidity continues to absorb incoming demand.

Binance Continues to Dominate Bitcoin Trading

The imbalance also reflects Binance's role in today's crypto market. According to CoinGlass, Binance processed approximately $9.34 trillion in derivatives trading volume during the first half of 2026, representing 26.6% of the global market, more than twice the share of its nearest competitor.

Meanwhile, CoinGecko estimates Binance accounts for 39.6% of global spot trading volume and 27.8% of perpetual futures trading, reinforcing its position as the industry's largest source of Bitcoin liquidity.

Hyperliquid, by comparison, has become one of crypto's fastest-growing decentralized exchanges. The Block recently reported the protocol captured a record 6.63% of global perpetual futures volume during May, driven by expanding institutional interest and tokenized asset trading. Even so, Binance remains the primary venue where the largest Bitcoin orders continue to flow.

What the Order Flow Is Saying

Cumulative volume delta measures the difference between aggressive market buy orders and market sell orders over time. A rising CVD typically signals buyers are willing to pay market prices to acquire Bitcoin immediately rather than waiting for limit orders to fill.

Since August 4, Binance's CVD has climbed steadily above $1 billion, while Hyperliquid's buying activity briefly strengthened before flattening near $22.5 million.

That doesn't necessarily mean Hyperliquid traders are bearish. It simply suggests the strongest buying pressure is currently concentrated on centralized exchanges.

The more interesting signal is what hasn't happened. Despite more than $1 billion in positive order flow, Bitcoin has yet to break decisively above resistance, indicating larger holders may still be distributing coins into market strength.

Analysts Still Expect Higher Prices

The lack of an immediate breakout hasn't changed the longer-term outlook from several institutional analysts.

Standard Chartered continues to forecast Bitcoin reaching $100,000 before the end of 2026, arguing that ETF demand, improving liquidity and institutional adoption should outweigh the recent selling pressure. Geoffrey Kendrick, the bank's head of digital asset research, recently said the bulk of the forced selling may already be behind the market.

Research firm Bernstein has also maintained one of Wall Street's more optimistic outlooks, keeping a $150,000 year-end target and arguing that institutional demand through ETFs and corporate treasury adoption continues to support Bitcoin's longer-term cycle.

For now, however, traders are watching the order book more closely than price forecasts.

If Binance's buying pressure continues building while available sell liquidity begins to thin, Bitcoin could finally break out of its consolidation range. If not, persistent buying without higher prices may indicate that larger market participants are still using rallies to reduce exposure.

Either way, the latest data suggests one thing clearly: the biggest battle between buyers and sellers is still taking place on Binance.

Reporting by Lidia Yadlos

BinanceBitcoinFuturesHyperliquid