Bitcoin inflows hit decade low as whales sit and wait

  • Recent data from CryptoQuant shows that bitcoin exchange inflows have dropped to decade lows, following the cryptocurrency’s peak at an all-time high of $73,800 in March.
  • Despite the role of bitcoin whales as major influencers in the market, they have been notably inactive in the current uptrend cycle, with suggestions that they are holding off on sales until the cycle completes.

Recent data from the on-chain analytics platform CryptoQuant reveals that bitcoin exchange inflows have plummeted to lows not observed in nearly a decade. This significant decline in daily Bitcoin inflows follows the cryptocurrency’s peak at $73,800—an all-time high reached in March.

Bitcoin holding trend

According to CryptoQuant, April and May of 2024 witnessed some of the lowest daily inflows into major exchange accounts in the past ten years. For instance, on April 20, only 8,400 bitcoins entered exchanges—a volume so low it mirrors times when bitcoin traded for less than $1,000 per coin.

Bitcoin traders are currently reluctant to hold their coins on exchanges for quick sales.

Also read: Bitcoin halving explained: History, impact, & 2024 predictions

Bitcoin whales hold back

Market analysts are consistently highlighting positive developments associated with bitcoin whale groups, pointing to significant activities that could influence the overall market dynamics.

Bitcoin whales, as major players in the market, have the power to influence bitcoin’s price by buying or selling large volumes of the cryptocurrency.

According to one of the CryptoQuant community contributor Mignolet’s research update: “Whales in the range of 1k to 10k, which typically provide significant downward volatility to the market, have not been consistently participating in this current uptrend cycle.”

The post further indicated that whales may “not be willing to sell yet as the cycle has not ended.”

Also read: What are spot bitcoin ETFs?

Glassnode analyst questions reliability of data

However, Checkmate, a pseudonymous on-chain analyst at the data analytics firm Glassnode, offers a different perspective by questioning the accuracy of data concerning whale wallet activities.

He suggests that what is often perceived as whale activity could instead be movements associated with exchange-traded funds (ETFs) and exchanges, rather than actions by individual large-scale holders

He acknowledges the presence of actual whales, stating, “There will be some real whales, yes…but as both buyers and sellers. Not once have I seen true alpha extracted from whale watching.”

He also points out that the typical identification of whale activities may be obscured by other significant entities like ETFs, which complicates the direct attribution of market movements to traditional whales.


Sylvia Shen

Sylvia Shen is an editorial assistant at Blue Tech Wave specialising in Fintech and Blockchain. She graduated from the University of California, Davis. Send tips to

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *