Despite Bitcoin’s recent confirmation of resilience by holding steadfastly above the $100,000 mark, a striking and unexpectedly bullish signal is emerging from the behavior of Binance whales, according to a new report from CryptoQuant.
This observed trend deviates significantly from historical patterns, suggesting a strong conviction for higher prices among these influential market players.
Typically, when Bitcoin’s price approaches or surpasses its all-time high, Binance whales tend to capitalize on the opportunity to sell and realize profits. This profit-taking behavior is historically reflected by a significant surge in crypto inflows to the exchange. Previous market cycles offer clear evidence of this phenomenon.
According to CryptoQuant’s analysis, during the early 2024 top, monthly inflow volumes to Binance soared to over $5.3 billion. Looking further back, during the previous cycle’s peak, these inflows reached even higher levels, hitting $8.45 billion and $7.24 billion.
These substantial influxes of capital onto the exchange were consistently followed by short to medium-term price corrections, as significant selling pressure was absorbed by the market.
Today, however, the landscape is remarkably different. Despite Bitcoin’s robust price performance above $100,000, current inflows to Binance are hovering at just around $3 billion and, critically, are continuing to decline.
This stark contrast to past peaks suggests that these large holders, or “whales,” are opting to retain their BTC holdings rather than sell. Their current stance strongly implies an expectation of even greater profit opportunities in the near future.
Given the considerable market impact that these whale inflows (or lack thereof) can generate, the current disposition of Binance whales should not be overlooked. Their preference for holding rather than selling at these price levels clearly signals a strong underlying bullish sentiment on their part, potentially paving the way for further upward movement in Bitcoin’s price.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/binance-whales-signal-bullish-stance-amidst-bitcoins-100000-hold/