CryptoQuant: Large Bitcoin inflows to a certain exchange have dropped to their lowest level since 2018
According to ChainCatcher, CryptoQuant data analyst Darkfost reported that the inflow of "Wholecoiners" (single transactions greater than 1 BTC) on a certain exchange is significantly decreasing. The annual average inflow has dropped to about 6,500 BTC, the lowest level since 2018, with the weekly average inflow at only 5,200 BTC.
Unlike previous cycles, the current bull market has seen a decline rather than an increase in large bitcoin inflows, with the downward trend persisting even during periods of rising bitcoin prices. The analyst believes this phenomenon not only indicates a weakening selling pressure from large bitcoin holders, but also reflects a structural change in the market: as bitcoin's valuation rises, it becomes increasingly difficult to own a whole bitcoin; at the same time, the expansion of the DeFi ecosystem has provided investors with more channels for trading and holding, diverting funds that would have otherwise flowed into major centralized 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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