2026-1-21 21:10 |
CryptoQuant’s latest chart paints a striking picture. The torrent of large Bitcoin (BTC) transfers into Binance that dominated late November has largely dried up. In a brief post accompanying the graphic, the analytics firm summed it up in plain terms, and the numbers back that up. At the end of November, whale inflows to Binance surged, pushing average monthly totals toward roughly $8 billion as Bitcoin slid off its most recent all-time high near $126,000. Fast forward to today, and that same inflow figure has been cut by roughly two-thirds, landing around $2.74 billion.
The data focuses on three transaction-size bands: 100 to 1,000 BTC, 1,000 to 10,000 BTC, and transfers above 10,000 BTC, the kinds of moves most traders read as potential sell orders. When large sums of BTC are moved onto exchanges, the market usually assumes an intent to sell, and the flurry of transfers seen in late November and through December looked exactly like that. As BTC fell through the $90,000 mark and later under $85,000, whale activity spiked. Transactions in the 100–10,000 BTC range increased noticeably, a behavioral signature of investors trying to stem losses amid a sharp correction.
That behavior intensified downward price pressure. Whales, typically viewed as more disciplined and less reactive than retail traders, appeared to abandon patience for a time, choosing quick exits instead of riding out the drawdown. The result was a feedback loop: more inflows to exchanges, more selling, and deeper price retracement.
But the script has flipped. The recent chart shows far fewer high-value transfers and far less day-to-day volatility in whale inflows. Those large monthly totals that once neared $8 billion are now a fraction of that, and the cluster of frantic activity observed at the end of November is gone. CryptoQuant’s read is straightforward: whales are no longer unloading at the same pace. Instead, they appear to be waiting, sitting out the rallies and dips in a period of consolidation rather than triggering new waves of supply.
The Implications for the MarketWhen big holders start unloading large chunks of BTC all at once, it can slam prices down hard. If they step back, that big wave of selling eases and gives the market a chance to breathe and settle. That doesn’t mean a dramatic rebound is guaranteed; markets are shaped by a wide range of participants and forces, but it does change the risk profile. With one major source of supply throttled back, volatility linked to whale behavior may moderate.
For now, traders and observers will watch whether this lull is a temporary truce or the start of a longer-term shift in whale strategy. If large holders have genuinely moved from panic selling to patient holding, it could make the current consolidation more durable and less prone to the kind of sharp, whale-driven selloffs that marred December. CryptoQuant’s chart doesn’t predict what comes next, but it does show a market breathing a little easier, at least for the moment.
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