As a seasoned researcher with years of experience in the cryptocurrency market, I find the recent surge in average Bitcoin inflow to Binance particularly intriguing. The consistent upward trajectory of this metric suggests a shift in the behavior of large-scale investors, often referred to as whales, towards Binance.
2024 data from on-chain analysis indicates a significant increase in the average Bitcoin deposits into Binance, suggesting that large investors, or “whales,” are increasingly utilizing this platform.
Bitcoin Mean Exchange Inflow To Binance Has Shot Up Over The Past Year
According to Maartunn’s recent analysis as a community member at CryptoQuant, Binance has experienced a change in its activity over the past year. The key on-chain measurement we’re focusing on is “Exchange Inflow,” which monitors transactions moving from personal wallets into exchange-linked addresses.
In our ongoing conversation, we’re focusing on a different aspect of this indicator. Instead of calculating the total amount of tokens deposited via transfers to these platforms, we’re interested in determining the average or mean number of tokens being transferred to exchanges.
If the indicator’s value is significant, it suggests that the typical transaction directed towards these central entities involves a substantial amount of tokens. This pattern, by nature, might indicate that large-scale investors, such as the ‘whales’, are engaging in activities related to increased investment.
Conversely, the low metric implies that retail investors are transferring modest sums into trading platforms, given the average inflow transaction value is quite small.
Currently, let’s take a look at this graph which demonstrates the progression of the 7-day moving average (average over the past week) of the typical Bitcoin inflow into the digital currency exchange Binance over the last few years.
From the given chart, it’s apparent that the 7-day Moving Average (MA) for the average Binance Bitcoin inflow has historically remained at relatively low figures. This historical pattern lends Binance its image as a platform primarily used by retail investors, who represent the smallest player groups on the network.
At the start of this year, the value of this metric stood at approximately 0.9 Bitcoin, indicating that an average transaction on the platform consisted of fewer than one unit of the cryptocurrency asset.
Ever since then, the indicator has seen a significant spike, suggesting that the exchange has been receiving significantly more deposits. This surge might not be a fleeting anomaly, given its persistent and prolonged upward trend over an extended period.
Lately, the average Bitcoin inflow on Binance Exchange reached a peak of 6.8 Bitcoins, equating to approximately $614,000 at current exchange rates. Given this substantial amount, it suggests that ‘whales’ (large investors) have been actively transferring large amounts into the platform.
Previously, it appeared that whales favored different trading platforms, but the latest trend indicates that a number of these massive investors have transitioned to frequent users on Binance.
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2024-11-14 16:32