Darkfost
Wholecoiner inflows on Binance are drying up !
Studying the behavior of “wholecoiner” inflows, meaning transactions larger than 1 BTC, provides very valuable insight into both current selling pressure and the broader evolution of the market. Today, BTC inflows to Binance coming from this category of investors are collapsing compared to previous years. The yearly average now sits around 6 500 BTC, a level that hasn’t been reached since 2018. On a shorter time frame, the weekly average stands near 5 200 BTC, which is one of the lowest readings of this cycle. What is particularly interesting is the trend these inflows have followed during this cycle compared to past ones. Instead of increasing as they did previously, “wholecoiner” inflows to Binance have steadily declined, even as Bitcoin continued to push higher. Beyond simply signaling reduced selling pressure from investors holding a meaningful amount of BTC, this trend may also point to a deeper structural shift in the market. As Bitcoin’s valuation continues to rise, owning a full bitcoin becomes increasingly difficult, naturally reducing the number of transactions larger than 1 BTC. At the same time, the ecosystem now offers far more alternatives for trading or holding BTC. Exchanges have multiplied, and the continued expansion of DeFi provides additional venues, likely redirecting flows that previously went almost exclusively to major exchanges such as Binance.