Bitcoin Price Rally Tested by Slowing Exchange Inflows
Bitcoin's price surged by 25% in recent weeks, from approximately $63,000 to $79,000. During this time, exchange deposits declined, with mid-sized coins entering Binance, Coinbase Pro, and Coinbase Prime decreasing by an estimated 15.5%. This indicates that larger, mid-sized coin investors are choosing to hold rather than sell their coins during the increase in price.
The largest decrease was at Binance, where the number of mid-sized coins going into their platform dropped almost 30% from 4,390 $BTC to 3,080 $BTC. This shift in investor behavior has produced a 1,160 $BTC swing between both venues, suggesting that large mid-size investor activity is shifting between different exchanges.
Despite the price increase, whales have maintained their balance levels since September 2nd with an average balance of approximately 5.22 million $BTC. This suggests that whales are not yet confident in buying at current prices, leaving room for further growth if demand picks up.