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Cryptocurrency analytics firm CryptoQuant has published a remarkable assessment of the current state of Bitcoin. According to the firm’s analysts, the behavior of whales on Binance shows that Bitcoin has proven its resilience again by holding above $100,000.
According to CryptoQuant data, when Bitcoin approaches or surpasses all-time highs, Binance whales typically send large amounts of BTC to the exchange in an attempt to book profits. These moves are reflected in sharp increases in inflow volumes to the exchange.
Analysts recall that during the peak period in early 2024, Binance saw over $5.3 billion in BTC inflows, while in previous cycle peaks, these figures reached $8.45 billion and $7.24 billion. It is stated that such large inflows are usually followed by short- or medium-term corrections.
However, the situation is different in the current situation. According to the latest data, BTC inflows to Binance are only around $3 billion and this figure continues to decrease. This shows that whales are currently avoiding selling and continue to hold on to their Bitcoins in anticipation of higher profits.
CryptoQuant analysts argue that this attitude of Binance whales should not be ignored:
“Considering the impact that these whale entries could have on the market, the current stance of Binance whales clearly signals a bullish trend.”
*This is not investment advice.
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