CryptoOnchain2026-01-04

Whales Deposit $2.4B in BTC/ETH to Binance, But Buying Power is Missing

Bearish Divergence? Binance Sees Its Largest Weekly Inflow in a Month While Stablecoins Stay on the Sidelines On-chain data for the week starting December 29, 2025, shows that Binance recorded its largest positive net inflow in a month, totaling approximately $2.44 billion. This surge was driven almost entirely by deposits of risk assets from large holders. Specifically, Binance saw net inflows of: $1.33 billion in Bitcoin (BTC) $1.07 billion in Ethereum (ETH) Such sizable transfers of BTC and ETH from private wallets to an exchange typically indicate one of two intentions: preparation for selling or the use of these assets as collateral in derivatives markets. Crucially, this surge in risk-asset deposits was not accompanied by new buying power. Aggregate stablecoin net flows were essentially flat, at approximately +$42 million for the same week. Most of this activity reflected internal shifts—primarily USDT moving between the ERC-20 and TRC-20 networks—rather than fresh capital entering the exchange. USDC inflows were minimal and did not materially change the picture.