The current on-chain data provides insights into the cryptocurrency exchanges favored by Bitcoin whales.
Ranking Bitcoin Exchanges by Whale Activity
A recent post from CryptoQuant’s community manager, Maartunn, highlighted which exchange holds the top position in the Bitcoin Exchange Whale Ratio.
The “Exchange Whale Ratio” is an indicator that measures the proportion of the top 10 inflows to an exchange compared to its total inbound traffic. These top 10 inflows are typically associated with significant investors, providing a glimpse into the influence of these whales on the exchange’s overall inflow volume.
Below is the chart shared by Maartunn, illustrating the changes in the Bitcoin Exchange Whale Ratio across various exchanges over the last ten years:
In the chart, blue shading indicates Exchange Whale Ratios near 0, red around 0.5, and yellow close to 1. Notably, Coinbase maintains a persistent yellow hue, suggesting that whale activity predominantly accounts for most BTC inflows there. Conversely, other platforms, including Binance—the largest by trading volume—exhibit a higher proportion of retail activity.
While Coinbase has recently attracted significant whale interest, this wasn’t always the case. Its rise to prominence among whales can be linked to an important event: the introduction of spot exchange-traded funds (ETFs).
The US Securities & Exchange Commission (SEC) approved spot ETFs earlier this year, leading to increased interest in these investment vehicles.
These ETFs allow investors to indirectly participate in BTC price movements without needing to hold actual Bitcoin, as they purchase and secure coins on behalf of their clients.
To manage this Bitcoin safely, many spot ETFs have selected Coinbase as their custodian, explaining the platform’s surge in whale inflows this year.
Bitcoin Price Update
Bitcoin dipped below the $67,000 mark earlier today, but has since rebounded and is now trading at approximately $67,200.
