Traders dump $4.3 billion BTC on Binance as exchange sells more Bitcoin than other exchanges combined

Binance moved 42.8% of total spot volume over the past week but absorbed 79.7% of net selling pressure across five major exchanges, according to data from Traderview.

The imbalance raises the question of whether a venue needs to handle “most of the market” to set prices for the whole market.

The answer is no. A venue needs to be where the market most often determines the price.

Between Feb. 2 and 3, Binance recorded the largest Bitcoin (BTC) inflows of the year, with roughly 56,000 to 59,000 BTC moving onto the exchange while Bitcoin traded near $74,000, according to CryptoQuant contributor Darkfost.

At current prices, the amount surpasses $4.3 billion in notional terms. CoinMarketCap data shows Binance’s 24-hour spot volume runs around $18.5 billion and 251,758 BTC, meaning the inflow represented roughly 22% to 23% of a single day’s Bitcoin spot churn on the platform.

Deposits raise sell-side optionality by making inventory quickly saleable, but they’re not timestamped sell tickets. CryptoQuant defines exchange inflow as coins deposited into exchange wallets and explicitly cautions that elevated inflows don’t always translate into immediate sell-offs.

They can reflect liquidity provisioning for derivatives, collateral movement, or internal settlement. The thesis isn’t that Binance “dumped” Bitcoin, but that the exchange became the marginal seller even without controlling most of the market’s volume, because it controls the market’s most important prints.

Exchange inflows for all exchanges
Bitcoin exchange inflows across all exchanges spiked to over 58,000 BTC on February 2-3 as prices declined from $97,500 to $76,500.

Why the marginal seller matters more than the biggest seller

By “net selling pressure,” Traderview means net taker volume: the imbalance between market sells and market buys.

This is often tracked as the cumulative volume delta (CVD), which is a running sum of taker buy volume minus taker sell volume.

Negative CVD indicates more aggressive selling than buying, with market sells lifting bids rather than passive limit orders being filled. It’s about who crosses the spread, not just who shows up in headline volume.

Binance sold 3.9 times more Bitcoin than all other major venues combined, according to Traderview’s calculation, despite handling less total volume than those venues together. The concentration matters because Binance operates as a structural price-discovery hub.

A 2024 academic working paper identifies Binance spot and perpetual futures as the primary sources of Bitcoin price discovery, attributing their leadership to lower costs and higher trading volumes.

Kaiko’s research, cited by Binance itself, describes the exchange as offering “deep, resilient liquidity.”

Price discovery doesn’t happen everywhere equally. It happens where liquidity is deepest, where derivatives risk unwinds fastest, and where arbitrageurs watch most closely. Binance checks all three boxes.

Perpetual futures accounted for roughly 68% of all Bitcoin trading volume in 2025, according to Kaiko, and Binance, Bybit, and OKX together hold nearly 70% of open Bitcoin perpetual contracts.

Binance's BTC CVDBinance's BTC CVD
Chart shows Bitcoin spot cumulative volume delta across five major exchanges from January 28 to February 3, with Binance displaying the steepest negative trajectory.

When perp risk unwinds, spot becomes the hedge leg. That order flow prints the tape, and others reprice around it.

The linkage between Binance and other venues is mechanical.

Arbitrage traders compress dislocations across exchanges by buying where Bitcoin is cheap and selling where it’s expensive. When that connectivity works, prices snap together within seconds. When it doesn’t, premiums widen and persist.

The Coinbase Bitcoin premium, which tracks the spread between Coinbase’s BTC/USD and Binance’s BTC/USDT, is an example.

The premium is not solely attributable to demand, as it reflects differences in plumbing between USD and USDT, funding costs, and transfer frictions.

Yet the premium’s behavior reveals how tightly linked venues are. When the premium compresses, arbitrage is re-engaging. When it widens, connectivity is under strain.

How fast Binance-led moves propagate

Cross-venue premium tracking provides a real-time indicator of arbitrage health.

The CoinGlass Coinbase Bitcoin Premium Index characterizes the spread as a connectivity measure rather than a sentiment gauge. A widening premium signals that arbitrage balance sheets are constrained or plumbing has clogged.

Compression means the market’s nervous system is functioning.

Liquidity depth measures how much size the market can absorb before the price moves. Kaiko uses 1% market depth, the dollar value of bids and offers within 1% of mid, as a practical gauge of absorption capacity.

When depth thins, the same sell imbalance causes bigger moves. Kaiko-linked research cited market depth exceeding $600 million at recent highs, but liquidity capacity can collapse during stress.

The propagation speed of a Binance-led move depends on how fast arbitrage capital responds. In healthy conditions, a premium shock mean-reverts in minutes.

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ScenarioTraderview net selling pressure shareCoinGlass Coinbase Premium Index1% market depthPerp risk proxy (OI concentration / funding stress)ETF flow tape“Tell”
Base case: connectivity recoversBinance share falls materially from extreme; selling pressure disperses across venuesPremium compresses toward ~0 and volatility drops; deviations mean-revert quicklyDepth stabilizes or rebuilds; impact per unit sell imbalance shrinksFunding normalizes; OI concentration eases; fewer forced hedgesFlows stabilize / turn positive; outflow streaks breakPremium snaps back within minutes; Binance stops “printing” the dump for everyone else.
Bear case: Binance remains marginal sellerBinance share stays elevated (dominant negative taker flow) even if volume share doesn’t risePremium choppy; compresses then re-widens; mean reversion slowerDepth grinds lower in risk-off windows; small shocks move price moreFunding skews negative more often; OI stays high/clustered; hedging demand persistsMixed-to-negative tape; recurrent outflows keep pressure onSame movie most days: Binance leads the downtick, others reprice after.
Stress case: segmentation / clogged plumbingBinance share remains very high or becomes erratic with one-way burstsPremium widens and persists (structural dislocation), volatility spikes, mean reversion breaksDepth collapses (especially off-peak); liquidity becomes fragileFunding dislocates; OI concentration spikes; liquidation risk risesSustained outflow streaks; risk-off regime dominatesPremium stops “snapping back”; venues drift apart and price discovery concentrates where liquidity survives.