The images are spot volume and perp volume ratio, simply compares which volume correlates with price.
Spot volume for USD and USDT correlates with price from 49k in August 2024. Spot volume for Coinbase Premium also correlates and forms a bottom.
Spot volume for USDT leads from 52k in September. However, the overall volume ratio for USD has been rising low. This is also the time when the buysell ratio of PERP was noticeable. In other words, it is possible that Binance was driven by spot and perp.
Written by Crypto_Lion