BTC Binance Inflows Drop As Coinbase Activity Rises
Mid-size Bitcoin wallet inflows to Binance have hit multi-year lows, while Coinbase has seen a significant spike in activity.Summary
Data from CryptoQuant reveals that mid-size Bitcoin wallet inflows to Binance have dropped to levels not seen since 2023, signaling a potential decrease in near-term sell-side pressure. Conversely, Coinbase recorded a surge of 8,500 BTC in inflows from similar wallets on April 19, a level reminiscent of the period following the FTX collapse.
Analysts note that while Coinbase saw heightened activity, the inflows remain fragmented across the broader market, lacking the synchronization typically associated with a coordinated distribution phase. Additionally, broader supply dynamics show that Bitcoin exchange reserves have declined for seven consecutive weeks, suggesting that despite localized fluctuations, the general market trend remains focused on withdrawals.
(Source：Cointelegraph)