Bitcoin whale deposits to Binance collapsed in December, dropping from $7.88 billion to $3.86 billion as large holders reduced exchange transfers. CryptoQuant analyst Darkfost said the decline suggests diminished selling pressure from major market participants.
What Happened: Exchange Deposits
Monthly whale inflows to Binance fell by roughly half within weeks, according to Dec. 24 data from CryptoQuant. The firm tracks deposits of 100 BTC or more as a proxy for institutional and high-net-worth activity.
Exchange inflows do not equal immediate selling but represent a necessary step for liquidating holdings at scale.
Binance captures the largest share of exchange-related flows in CryptoQuant's data, making the platform a key indicator of potential supply pressure.
Darkfost noted occasional spikes persist despite the broader decline. A recent $466 million surge across the 100 BTC to 10,000 BTC cohorts, including more than $435 million from the 1,000 to 10,000 BTC range, showed whales retain capacity to move markets through single transactions.
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Why It Matters: Supply Dynamics
Reduced whale deposits suggest large holders are less inclined to liquidate positions in the near term.
"When inflows from influential participants such as whales decline on this platform, it generally suggests a reduction in their selling pressure," Darkfost wrote.
A separate Dec. 23 CryptoQuant report said realized losses from new whales significantly impacted Bitcoin's drop from $124,000 to $84,000. Those losses have since declined and flattened, indicating acute selling pressure may have eased. Bitcoin traded at $87,530 at press time.
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