Analysis: The transfer of BTC held by all holders to exchanges has significantly decreased, and whale activity has dropped to a multi-year low
CryptoQuant analyst Darkfost stated that the number of large transfers sent to exchanges by wholecoiners (investors holding at least 1 full BTC) has significantly decreased.
Currently, the average monthly transfer volume of this type on Binance is only about 6,000 BTC, comparable to levels in 2018, and far below the 15,400 BTC seen in 2021. Globally, the transfer volume has dropped from a peak of 80,000 BTC in 2018 to about 27,500 BTC.
Darkfost pointed out that this trend is partly due to the continuous rise in Bitcoin prices making it increasingly difficult to hold full BTC, and it also reflects a profound change in market structure: products like ETFs allow investors to gain exposure without directly holding BTC, while more and more investors are shifting to long-term holding strategies.
He believes this means that selling pressure has eased, but it has also led to a gradual decline in the liquidity of Bitcoin supply on exchanges.
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