Bitcoin Inflows Surge on Binance: Whales Begin 2024 with Selloff?

The surge in Bitcoin inflows to Binance, as indicated by on-chain data, suggests a potential occurrence of whale selling in the cryptocurrency market.

Bitcoin Inflows Surge On Binance: Whales Begin 2024 With Selloff?_65d5ce8a06a33.webp

On-chain data shows the Bitcoin inflows to cryptocurrency exchange Binance have shot up, a sign that whale selling may be happening.

Bitcoin Netflow To Binance Has Been Highly Positive During Past Day

CryptoQuant Netherlands community manager Maartunn explained in a new post on X that the exchange reserve on Binance has registered a sharp increase during the past day.

The indicator of interest here is the “exchange netflow,” which keeps track of the net amount of Bitcoin entering into or exiting the wallets of any given centralized exchange. The metric’s value is calculated by subtracting the outflows from the inflows.

When the indicator has a positive value, the inflows overwhelm the outflows, and the platform is receiving transfers of a net number of coins right now. As one of the main reasons investors would want to deposit to the exchanges is for selling purposes, this trend can have bearish implications for the cryptocurrency’s price.

On the other hand, the negative indicator implies net withdrawals are taking place currently, which may be a sign that the holders are accumulating. Naturally, such a trend can prove to be bullish for the price in the long term.

Now, here is a chart that shows the trend in the Bitcoin exchange netflow specifically for the cryptocurrency exchange Binance: As displayed in the above graph, the Bitcoin exchange netflow for Binance has observed a large positive spike recently. This would suggest that the platform has witnessed net deposits from the investors.

In total, 10,666 BTC has made its way to the platform during this latest netflow spike, worth a whopping $454.6 million at the current spot price of the cryptocurrency. It would appear that some whales are potentially looking to offload a large sum of coins. If their intention is indeed selling here, then Bitcoin could feel a negative impact.

So far, though, the asset’s price hasn’t shown any notable move since the whales have made these net inflows to Binance. However, this doesn’t completely rule out a selloff, as sometimes these humongous holders make deposits in advance and sell a bit later once they find the right opportunity.

Related: Bitcoin Surges Past $45K as ETF Approval Nears

Analyst James V. Straten has shared a Glassnode chart in an X post that breaks down the market’s accumulation and distribution trends among the different investor groups.

While some of the cohorts are buying, including the whales (1,000 BTC to 10,000 BTC), the largest of the hands in the market (more than 10,000 BTC, the “mega whales“) are distributing currently. This indicator would also thus provide hints that humongous entities are currently making selling moves.

(100 votes)

5.0/5

(100 votes)

Latest

Bitcoin Boom Ahead Institutional And Derivatives Data Reveal

News | Bitcoin | Editor Choice

Bitcoin Boom Ahead? Institutional and Derivatives Data Reveal

Market experts believe that Bitcoin (BTC) is in a phase of accumulation rather than topping, predicting a retest before the next explosive breakout.

Bitcoin Cools Off After Record Breaking Rally

News | Bitcoin | Editor Choice

Bitcoin Cools Off After Record-Breaking Rally

After a series of record-breaking gains, Bitcoin suddenly slipped more than 2% on Tuesday afternoon as a wave of profit-taking spread and investor caution returned to the crypto market.

Bitcoin Breaks Weekly Inflow Record With $3.55 Billion Surge

News | Bitcoin | Editor Choice

Bitcoin Breaks Weekly Inflow Record with $3.55 Billion Surge

Last week, Bitcoin recorded a historic $3.55 billion in investment inflows, even as its price approached all-time highs and investors largely avoided short products. Across the broader digital asset market, total inflows reached $5.95 billion — the largest weekly figure ever recorded, according to CoinShares.

Bitcoin Hits A New Ath As Profit Margins Continue To Shrink

News | Bitcoin | Editor Choice

Bitcoin Hits a New ATH as Profit Margins Continue to Shrink

Although Bitcoin (BTC) continues to set new price records after every halving, historical data shows that the world’s largest cryptocurrency is experiencing diminishing returns with each new cycle.

Factors Driving Bitcoin’s Strong Rally In ‘uptober’

News | Bitcoin | Editor Choice

Factors Driving Bitcoin’s Strong Rally in ‘Uptober’

Bitcoin enters October with hopes of reviving “Uptober,” as markets bet on an upcoming Fed rate cut and a renewed appetite for risk assets.

Screenshot 2025 09 10 100533