550,000 Bitcoin Sent to Binance, OKX Deposit Addresses in Flows Last Seen During 2023 Bear Market

A large volume of Bitcoin moved to deposit addresses tied to major exchanges after the token briefly fell below $60,000, an on-chain analyst said. The surge in exchange inflows suggests short-term selling pressure may be building.

On June 29, on-chain analyst Darkfost wrote on X that 550,000 BTC had flowed to Binance and OKX. He described the figure as a level rarely seen since the 2023 bear market.

Darkfost said investors have become sensitive to even small price swings as Bitcoin has tested the $60,000 area and moved sideways since February. That reaction was especially pronounced among Binance and OKX users after Bitcoin recently slipped below $60,000, he said.

More than 220,000 BTC moved to deposit addresses linked to Binance, while more than 330,000 BTC went to addresses linked to OKX, according to Darkfost. Combined, the total exceeded 550,000 BTC. At a Bitcoin price of $60,000, the holdings would be worth about $33 billion.

Binance typically sees average annual inflows of about 60,000 BTC, while OKX averages about 95,000 BTC, he said. This latest influx was the largest this year. Comparable levels were last seen during the previous bear market.

The figures do not represent Bitcoin sent directly to the exchanges' operating wallets. Instead, they reflect transfers to addresses identified as deposit addresses for Binance and OKX. When investors try to sell Bitcoin on an exchange, funds typically move first to a deposit address before being consolidated into the exchange's operating wallet.

Darkfost said the latest inflows suggest Bitcoin's retest of $60,000 stirred fear among Binance and OKX investors. The sharp jump in transfers to major exchanges also points to the potential for stronger selling pressure.

He added that market sentiment is caught between fear of missing a rally and fear of losses. That could lead to highly irregular trading behavior.