Bitcoin market momentum.
How much Bitcoin is actually trading, and which way, measured against its own recent averages. The same measure the Fear & Greed Index weights at 25%.
The last full day traded less than the 30-day average by 0.3%
Last complete UTC day of BTC/USDT spot turnover against the mean of the 30 and 90 days before it, with the close against its 30- and 90-day averages. This is the measure weighted at 25% in the Crypto Fear & Greed Index
What market momentum measures
Market momentum, as the Fear & Greed Index uses the phrase, is not a chart indicator. It is a question about participation: how much Bitcoin is changing hands right now compared with what has been normal lately, and whether that activity is arriving while price is rising or while it is falling. A market where turnover doubles as price climbs is behaving differently from one where turnover doubles as price breaks down, even though the volume figure is the same in both.
The figures above are built from Binance BTC/USDT spot daily candles. The headline number is the turnover of the last complete UTC day, in dollars. It is compared with the mean daily turnover of the 30 days before it and the 90 days before it, and the running day is shown separately and never enters those comparisons — a part-day measured against full-day averages would read as a collapse every morning.
Direction comes from the same day's close against the simple 30-day and 90-day averages of closes. That is the plainest way to say whether the market is rising or falling relative to its recent past, and it is the reading that turns a volume figure into a momentum reading.
How the Fear & Greed Index uses it
Momentum and volume together carry 25% of the Crypto Fear & Greed Index, tied with volatility as its heaviest input. The index describes the factor as buying volume against averages, comparing the current reading with the last 30 and 90 days, and reads persistently high volume in a rising market as a market that has become greedy.
The ratio shown above is that comparison. Near 1.00, the last full day looks like a normal day and the factor pulls the index little either way. Well above 1.00 with price above its average, the index reads greed. The same heavy turnover with price below its average is the other side of the coin: heavy selling is fear, and the page labels it so rather than pretending volume alone tells you anything.
The bands used for the label are stated on the page: 1.25 times the 30-day average and above counts as heavy, 0.75 and below as quiet, and the space between as normal. They are this page's editorial judgement, chosen so that a routine day is called routine.
Reading the buy share
Every trade has a buyer and a seller, so total volume can never tell you who was more eager. Exchanges do publish which side was the taker — the party who crossed the spread to get filled immediately — and the taker-buy share is the part of the day's turnover where that impatient party was buying. It is the closest public measure of the buying volume the index names.
A share near 50% is a balanced day. A share climbing above it while turnover is heavy means buyers were paying up to get in, which is the texture of greed; a share falling below it on heavy turnover means sellers were hitting bids to get out. The 30-day mean is shown beside it because the share drifts a few points either side of half all the time, and only a move away from its own recent norm means much.
Limitations worth knowing
This is one venue's spot market. Binance is the largest, and its BTC/USDT pair is the most traded Bitcoin market in the world, but it is not the whole market, and futures turnover — several times larger — is a separate reading covered on the derivatives volume page.
Daily turnover is noisy. A single liquidation cascade or a scheduled macro release can double a day's volume without changing anything about the weeks around it. The 30-day and 90-day averages are shown precisely so the last day can be read in context, and the bars show how ordinary or extraordinary the day really was.
Finally, the page compares the last complete day, not the current one. A spike happening right now will show in the running-day figure but will not be classified until the UTC day closes, because a part-day has no honest average to be measured against.
Frequently asked questions
Is high volume good or bad for Bitcoin?
Neither on its own. High turnover means more participation, and what it signals depends on direction: heavy trading while price rises is read as conviction or greed, heavy trading while price falls as capitulation or fear. That is why this page shows volume next to where price sits against its average, rather than volume alone.
Why does the page use the last complete day instead of the last 24 hours?
A rolling 24-hour window changes every minute and cannot be compared cleanly with daily averages. Complete UTC days are what the exchange publishes as candles, what the averages are built from, and what any reader can check against the same source. The running day is shown as context.
What is the taker-buy share?
The share of the day's turnover in which the taker — the party who crossed the spread to be filled immediately — was the buyer. Near 50% is balanced; a rising share on heavy volume means buyers were paying up, a falling one means sellers were hitting bids.
Why Binance spot and not every exchange?
Binance BTC/USDT is the deepest Bitcoin spot market and the venue whose listings define this site's coin set, and its daily candles carry the taker-buy split most venues do not publish. A cross-exchange total would add coverage but lose the buy-side reading, and would mix venues that report volume differently.
How does this feed the Fear & Greed Index?
Momentum and volume are 25% of the composite. The index compares current volume and momentum with their 30-day and 90-day averages and reads high volume in a rising market as greed. This page shows that comparison for the last complete day; the index itself is on the Fear & Greed page.