A whirlwind of massive transactions is shaking the market. While small investors are swimming as they have been for years, n the waters of Binance, the Bitcoin (BTC) giants, the whales, have begun to find a new playground in this exchange to move millions without causing waves.
The platform, known for its accessibility to retail traders, is becoming a magnet for larger market players, according to an analysis shared by on-chain data provider CryptoQuant, conducted by trader JA Maartunn.
The on-chain Binance Exchange Inflow (Median, MA7) metric, which measures the average deposit size on Binance, reveals a significant shift.
A low average typically reflects intense retail activity, i.e., small investors. However, a high average, such as the current 13.5 BTC per deposit, indicates large-scale transactions, typical of whales: investors with more than 1,000 BTC in their wallets.
Since the beginning of 2024, this indicator has climbed from 0.8 BTC to current levels, confirming the growing presence of these financial titans, as can be seen in the following chart.
Average Bitcoin deposit size on Binance. Source: CryptoQuant.
Liquidity that attracts giants
Why do whales choose Binance? The answer lies in its colossal trading volume. As the largest exchange on the market, Binance offers deep liquidity that allows large investors to execute massive orders without causing significant price slippage, the analyst explains.
This capability has made the platform an attractive destination for whales since 2024, marking a shift from its traditional image as a haven for retail trading. “Traditionally, Binance is seen as a retail-dominant exchange, but that has changed in this cycle,” Maartunn notes.
A recent example illustrates this trend. An address linked to a whale over a decade old transferred nearly 1,000 BTC to Binance last Tuesday, August 27.
The transactions, split into 500 BTC and 250 BTC, involved coins acquired in 2013, when Bitcoin was trading at around $332. These investors, who accumulated more than 1,000 BTC per address at prices as low as $10, are now looking to capitalize on their gains after years of waiting .
The growing whale activity on Binance is redefining the exchange's role in the ecosystem. Its ability to absorb large-scale transactions cements it as a hub for the most significant capital movements.
However, this phenomenon also raises questions about the long-term impact on Bitcoin's price stability, especially when sales by these historical players clash with the need for new liquidity to keep the market afloat.
