Emily Walker
Recent on-chain analysis indicates that the average Bitcoin deposits to Binance have surged significantly in 2024, suggesting increased activity from major investors, often referred to as whales.
Surge in Bitcoin Deposits to Binance Over the Past Year
According to insights from analyst Maartunn at CryptoQuant, there has been a notable change in user activity on Binance in the past year. The key metric being analyzed here is “Exchange Inflow,” which tracks transactions moving from personal wallets to exchange wallets.
This metric typically measures the total Bitcoin deposited on exchanges, but for this analysis, the focus is on the average amount of Bitcoin being transferred. A high average indicates that large sums are being deposited, often pointing to whale involvement.
Conversely, a lower average suggests that smaller retail investors dominate the inflow, as their deposits tend to be of lesser value.
The following chart illustrates the trend of the 7-day moving average (MA) of the mean Bitcoin Exchange Inflow specifically for Binance over the last few years:
The chart above shows that the 7-day MA for Binance’s Bitcoin Exchange Inflow was relatively low in previous years, leading to its reputation as a retail investor hub. At the start of this year, the average inflow was only 0.9 BTC, reflecting minimal deposits.
However, since then, there has been a sharp upward trend, indicating that larger deposits are becoming the norm. This increase appears to be a sustained trend rather than a brief fluctuation.
Most recently, the mean inflow to Binance reached 6.8 BTC, approximately equivalent to $614,000 at today’s rates. This significant figure suggests increased participation from whales on the platform.
In the past, large investors tended to favor other exchanges, but this recent trend indicates that many are now actively using Binance.
Bitcoin Price Update
Bitcoin has recently achieved a new all-time high (ATH), surpassing $90,800 after a notable 5% increase in just the last 24 hours.