Bitcoin holders controlling full coins have significantly reduced deposits to major exchanges as the asset trades below $90,000, marking a departure from historical patterns that typically accompany price rallies.
What Happened: Exchange Deposit Patterns Shift
Binance has recorded sharp declines in deposits from investors holding at least one whole Bitcoin, according to data analyzed by Darkfost, a market analyst at CryptoQuant. The yearly average for these deposits now stands at approximately 6,500 BTC, matching levels last seen in 2018.
Weekly averages have fallen to roughly 5,200 BTC, among the lowest readings recorded during the current market cycle.
These figures represent transactions of one Bitcoin or larger, which analysts use to gauge selling pressure and institutional behavior.
The decline contradicts previous cycles, when rising prices typically corresponded with increased exchange deposits from large holders.
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Why It Matters: Technical Threshold Tests
Bitcoin continues trading below $105,400, the Short-Term Holder Cost Basis that measures the average acquisition price for recent buyers. The asset has remained beneath this threshold for nearly two months.
However, sustained weakness below the cost basis has preceded bear markets in the past, making additional price declines a key risk factor.
The analyst suggested these periods may offer accumulation opportunities for long-term investors, though cautioned that entry points require careful evaluation given the metric's tendency to remain negative during prolonged downturns.
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