Bitcoin Mid-Size Wallet Inflows to Binance Plummet to Multi-Year Low

The latest data from CryptoQuant reveals that Bitcoin (BTC) mid-size wallet inflows to Binance have dropped to a multi-year low of 3,000-4,000 BTC. This marks a significant decrease in sell-side activity from this cohort, which is often linked to active traders and smaller institutions.

Crypto analyst Amr Taha noted that the seven-day average Bitcoin inflows from mid-size wallets into Binance have dropped below the deposits observed during April to May 2023. The lowered inflow levels suggest reduced immediate sell-side pressure, as fewer coins are being positioned on the exchange.

Meanwhile, Coinbase saw an increase in mid-size wallet inflows, reaching about 8,500 BTC on April 19. This is a significant spike and approaches levels last seen after the FTX exchange collapse in November 2022. However, the current conditions differ as exchange inflows appear fragmented rather than market-wide.