Whales Move Billions to Binance While Crypto Buying Demand Remains Muted: Analyst

Core Insights - Large crypto holders, referred to as whales, have deposited approximately $2.4 billion worth of Bitcoin and Ether onto Binance, marking the largest net deposit total for the exchange in about a month [3][8] - Despite the significant inflows, there is a notable lack of new buying power, as stablecoin net flows remained flat at around $42 million for the week [4][8] - The combination of rising inflows, muted outflows, and stagnant stablecoin demand indicates potential selling pressure in the market [7][8] Whale Activity - Whales deposited roughly $1.33 billion in Bitcoin and $1.07 billion in Ether during the recent inflow period [3] - The average transaction size for deposits to Binance has increased significantly, from approximately 8-10 BTC earlier in the year to between 22-26 BTC recently, indicating substantial movements by large holders [6] Market Dynamics - The lack of strong stablecoin inflows suggests limited capacity for sustained buying pressure, as most movements reflect transfers between blockchains rather than new capital entering the market [4][5] - Outflows from Binance have weakened, with the average size of withdrawal transactions dropping into a "suppressed range" of 5.5 to 8.3 BTC, indicating fewer coins are being moved to cold storage [6][7] - The overall trend points to a slowdown in Bitcoin accumulation since October, with major holders reducing their long-term holding behavior [5][7]