TechFlow News, June 19: CryptoQuant analyst Crazzyblockk stated that data shows Binance’s Bitcoin perpetual contract funding rate is approximately 370 basis points lower than the median across three exchanges, placing it in the bottom ~2.8% since 2021—indicating notably strong bearish pricing on Binance.
Meanwhile, aggressive buying pressure has rebounded significantly. The TBSAI z-score has risen from -1.85σ in mid-May to its current +0.809σ—a 2.66σ rebound over 30 days—suggesting retail investors are actively absorbing sell-side liquidity amid price declines.
On-chain activity and large-wallet behavior, however, show divergence. The IWCR net inflow-outflow differential stands at +0.1024, within the top 22.5% historically, indicating net selling by large wallets recently—reflecting a market structure where retail buys while whales sell.
Regarding leverage, the LIR z-score currently sits at -0.40σ, having retreated from its April peak of +3.99σ and now returned to neutral territory—suggesting no pronounced leverage congestion in the market. Short-term price action is thus more likely driven by directional capital flows rather than leveraged liquidations. A subsequent rise in the LIR above +1.0σ would serve as an observable signal for new leverage entering the market and further clarification of market direction.
