Analysis: Significant Decrease in All Bitcoin Holders Transferring to Exchanges, Whale Activity Drops to Multi-Year Low
CryptoQuant analyst Darkfost stated that the number of large transfers made by Wholecoiners (investors who hold at least one full BTC) to exchanges has dropped sharply.
Currently, the average monthly volume of such transfers on a certain exchange is only about 6,000 BTC, on par with 2018 levels and far below the 15,400 BTC seen in 2021. Globally, the transfer volume has fallen from a peak of 80,000 BTC in 2018 to approximately 27,500 BTC.
Darkfost pointed out that this trend is partly due to the ongoing rise in Bitcoin prices, making it more difficult to hold a whole BTC. On the other hand, it also reflects profound changes in market structure: products such as ETFs enable investors to gain exposure without directly holding BTC, while more investors are adopting long-term holding strategies.
He believes this means that selling pressure has eased to some extent, but it is also leading to a gradual decline in Bitcoin supply liquidity on exchanges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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