[ad_1]
On-chain data shows the average Bitcoin inflow to Binance has seen rapid growth over 2024, implying whales have been using the exchange more.
Bitcoin Mean Exchange Inflow To Binance Has Shot Up Over The Past Year
As CryptoQuant community analyst Maartunn explained in a new Quicktake post, Binance has seen a shift in its traffic over the past year. The on-chain metric of interest here is the “Exchange Inflow,” which keeps track of transactions going from self-custodial wallets to exchange-connected addresses.
The traditional form of this indicator measures the total amount being deposited to these platforms via such transfers. Still, the version of the metric relevant in the current discussion is the one that tells us about the mean or average number of tokens being transferred to the exchanges.
When the indicator’s value is high, it means the average transaction going to these central entities carries a large number of tokens. Such a trend naturally implies that big-money investors like the whales could be involved in inflow activity.
On the other hand, the low metric suggests that retail investors are depositing money in exchanges as the mean inflow transaction is only worth a small amount.
Now, here is a chart that shows the trend in the 7-day moving average (MA) of the mean Bitcoin Exchange Inflow specifically for the cryptocurrency exchange Binance over the past several years:
The value of the metric appears to have been rapidly going up in recent months | Source: CryptoQuant
As is visible in the above graph, the 7-day MA of the mean Binance Bitcoin Exchange Inflow used to be at relatively low levels in the past years, which gave the platform the reputation of being the home of retail investors, the smallest entities on the network.
At the beginning of this year, this metric’s value was just 0.9 BTC, which means the average transaction going to the platform involved less than a single token of the asset.
Since then, however, the indicator has shown a sharp increase, implying the exchange has received much larger deposits. This trend may not be just a temporary deviation, as the upward trajectory has been consistent and lasted for a notable amount of time.
Recently, the mean Binance Bitcoin Exchange Inflow set a high of 6.8 BTC, which, at the current exchange rate, is worth about $614,000. This is a significant sum, so the fact that the average deposit to the platform is this large would imply the whales have been actively making inflows.
In earlier years, whales seemed to have preferred other exchanges, but this recent shift shows that some of these humongous investors have now become regular Binance users.
BTC Price
Bitcoin has just set a new all-time high (ATH) above $90,800 after witnessing a surge of another 5% over the last 24 hours.
Looks like the asset has continuously been discovering new highs recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
[ad_2]
Source link
