The market buy/sell ratio for the leading cryptocurrency on exchanges has risen to 1.17, the highest level since January 2023, noted the analyst known as CoinCare.
Market Buy/Sell Ratio Hits Highest Level Since 2023
“Such a decisive tilt toward market buys is characteristic of early- or mid-cycle expansion phases, where liquidity and structural flows begin to accelerate rather than decelerate.” – By CoinCare pic.twitter.com/xb8sq3tsKF
— CryptoQuant.com (@cryptoquant_com) December 3, 2025
This metric tracks the balance of aggressive orders in the perpetual futures market. A value above one indicates buyer dominance. The surge represents the strongest bullish sentiment observed during the entire period of monitoring.
According to the expert, such dynamics are typical of early or mid-growth phases, when liquidity inflows accelerate.
The key driver of growth, the expert noted, was Vanguard’s decision to provide access to a spot bitcoin ETF. More than 50 million of the broker’s clients gained access to the instrument, significantly expanding market reach and strengthening institutional investor confidence.
Macroeconomic data supports a positive outlook. CoinCare emphasized that liquidity stress indicators have already bottomed out, and market conditions have begun to ease. Historically, the strongest bitcoin rallies occur at the initial stage of liquidity recovery, rather than at its peak.
The analyst concluded that the bull phase is far from over. Structural ETF adoption and the return of institutional players indicate further market expansion.
However, CoinCare urged consideration of macroeconomic obstacles. Financial instability related to Japan and the lack of a confirmed trend reversal suggest systemic risks remain.
QCP Capital: Market on Hold
The crypto market is in “pause mode,” stated QCP Capital. In the absence of macroeconomic drivers and uncertainty surrounding the Fed, digital assets are expected to maintain sideways movement.
Analysts believe consolidation will continue until clear signals from regulators emerge. Stock and currency markets are also on hold, awaiting the upcoming FOMC meeting.
Experts consider upcoming changes in the Fed as the main catalyst. Prediction markets estimate an 85% probability of Kevin Hassett being appointed as the next head of the regulator. The official decision is expected early next year.
Jerome Powell will leave his position in May, and other key officials will depart in early 2026. The updated committee may adopt a more “dovish” stance, specialists noted.
The FOMC meeting will occur under unusual conditions, as the agency will not have fresh inflation or employment data. However, the futures market prices in a 90% chance of a 25 basis point rate cut as a precautionary measure. Investors’ focus is shifting from specific inflation figures to the overall policy of the agency, QCP emphasized.
Back in November, Grayscale analysts suggested bitcoin could rise despite four-year cycles.