BSC Funds Hit Multi-Month Lows as Historic Signs Bitcoin Rebound Ahead

The decline in on-chain activity is similar to a similar lull last summer that came just before Bitcoin’s big breakout.

The total amount of fees paid on the Binance Smart Chain (BSC) recently dropped to around $593,000, marking the lowest cost of using the network since at least August 2025.

This fall in buying activity on one of the busiest crypto highways is reviving memories of last summer’s high demand drought that preceded the 95% rally in Bitcoin (BTC).

Quiet Market Illuminates Historical Signal

Blockchain currencies are a clear measure of user demand, representing what people pay to transfer tokens or use decentralized applications. If the fees drop significantly, it indicates reduced network congestion and reduced speculative interest.

According to data from analyst Amr Taha, on February 23, BSC funds fell to $593,000, which is much lower than the $1.07 million recorded on August 7, 2025. At that time, Bitcoin was trading close to $55,000, and, according to Taha, the decrease in payment later helped to create a large base before the price. 95%

The on-chain observer also noted a significant drop in the short-term market cap of Bitcoin, which fell to around $386 billion on February 24, below the $440 billion low recorded on April 8, 2025.

Historically, similar contractions have coincided with heavy holding phases preceding reversals, including the move that took BTC from around $78,000 to above $108,000 following the April 2025 low.

Derivatives and the Return Path

While the decline in current activity is a warning sign, the derivatives market is facing a structural restructuring that could pave the way for the next move. According to XWIN Research Japan, open interest in Bitcoin futures has fallen significantly, indicating a broad bearish phase. Analysts at the center noted that the recent price drop was accompanied by a drop in interest, indicating that the cost of currency sales and outflows, instead of being sold in aggressive areas. This type of reset can stabilize the market, even if it does not immediately reflect renewed demand.

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Another complicating factor is the structure of the options market. Coinbase Institutional analysis shows a pronounced negative gamma band centered between $60,000 and $70,000. When traders hold a negative gamma, their hedging activity can increase price movement, meaning a break below $60,000 can accelerate selling.

Despite the cautious tone, some on-chain indicators offer a glimpse of stability, with the Binance Fund Flow Ratio remaining low at around 0.012, which means limited immediate selling pressure. During the recent decline in the mid-$60,000 area, the average did not rise, meaning that panic-driven entry points were absent.

However, as XWIN Research noted, weak inflows are not the same as strong accumulation, and the medium-term trend of demand metrics has yet to rise sharply.

In order to have a solid floor, the support of the local volume will be necessary. As it stands, Bitcoin is trading above $68,000 at the time of writing, down nearly 23% over the past month and more than 46% below its all-time high above $126,000.