Analysis: Bitcoin Whale Inflows to Binance Stay High as Market Tests $65,000 Support

Bitcoin was trading near $65,000 as large-holder inflows to Binance remained elevated, according to a CryptoQuant analysis.

On Aug. 9, CryptoQuant contributor Xwin Japan wrote that Binance's Exchange Whale Ratio was holding at about 0.5 based on on-chain data.

The Exchange Whale Ratio measures how much of total Bitcoin flowing into an exchange is accounted for by the largest deposits. The current reading indicates that a substantial share of Bitcoin entering Binance is coming from major holders, or whales.

Xwin Japan said the indicator has undergone a structural shift in recent months. In 2022 and 2023, the whale ratio mostly stayed in a 0.2 to 0.3 range. Since 2024, the baseline has moved higher, with 0.4 to 0.5 becoming the norm.

He added that exchange inflows do not automatically mean selling. Deposits to an exchange only show that Bitcoin is available for trading, not whether a sale has actually occurred.

Still, with Bitcoin meeting resistance near $65,000, continued whale inflows to the exchange are a signal the market should watch.

"If the whale ratio stays elevated while the price remains in a resistance zone, investors need to watch for potential selling pressure," Xwin Japan wrote. "The key question for the market is whether demand can absorb inflows from large holders in the $60,000 to $65,000 range."