The balance of market buy orders versus sell orders on exchanges reached 1.17, its highest level since the start of 2023, analysts at CryptoQuant reported.

Market indications and interpretation

According to CryptoQuant, the observed ratio reflects an increase in immediate buying pressure relative to selling interest, measured across major trading venues.

Analysts note that such dynamics typically appear during market expansion phases, when structural demand strengthens and liquidity conditions begin to recover after prior drawdowns.

Short-term context and signals

CryptoQuant’s data focus on market orders, those executed at prevailing prices, which can signal trader intent more directly than limit-order positions or off-exchange activity.

• 1.17 represents the ratio of buy-side to sell-side market orders observed on exchanges.
• CryptoQuant attributed the reading to a broad-based shift in order flow rather than a single exchange or venue.
• Experts interpret the pattern as consistent with rising structural demand and improving intramarket liquidity.

The platform’s commentary does not assert a guaranteed price trajectory but provides an order-flow snapshot useful for market participants assessing short-term supply and demand balances.