A recent report from the on-chain data aggregator CryptoQuant shows a major shift in crypto whales’ behavior on the world’s largest crypto trading platform, Binance. They have begun moving funds to Binance, and these inflows have reached a new peak over the past two years.
Whale inflows to Binance reach highest since 2024
CryptoQuant has reported that whales have activated, beginning to deposit large amounts of funds to Binance. The report says that these inflows have hit the highest level since 2024. It states that between 2024 and now, whale inflows were relatively stable. Therefore, the CryptoQuant analyst says, it is likely that there is a shift in the behavior of big Bitcoin holders. But the report offers two interpretations of such a change in whale sentiment.
The first one is that over the past month, whale inflows to Binance have reached a staggering $8.3 billion. Such a rapid increase within 30 days is often viewed as “a potential predisposition to sell or reallocate positions,” the report says, particularly if this coincides with a stable decline in price action.
The second option here, the analyst says, is that these inflows do not necessarily mean an upcoming sell-off. It could mean strategic transfers to manage liquidity as whales could he shifting their assets to use them in derivatives or reposition them in anticipation of large Bitcoin price moves in the near future.
Still, as market history shows, “significant jumps in this average tend to coincide with periods of increased volatility or transitional phases in market structure,” the report stresses. Overall, the author of the report is inclined to conclude that if this increase in whale deposits maintains, this could increase pressure on crypto prices in the short term. Once these inflows decline, the analyst adds, this could mean a gradual return of market confidence.
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Whale Alert, a major cryptocurrency tracker that monitors large transactions has spotted a substantial deposit made by an anonymous whale. The transaction was made to the largest cryptocurrency exchange in the U.S., Coinbase.
According to the post issued roughly an hour ago, 1,692 BTC worth $114,975,389 were transferred from a wallet, marked by Whale Alert as unknown, to a wallet linked to Coinbase. This transaction was likely made with a goal of a sale now, as Bitcoin continues to hold below $70,000.