According to the latest on-chain data measuring the realized profit and loss (PnL) of Bitcoin deposits to centralized exchanges, the daily PnL reached an all-time high of $9.29 billion yesterday—marking the largest ever realized PnL inflow to exchanges in Bitcoin's history.
Zooming in on Binance, the largest global crypto exchange, the realized PnL still remains below its historical peaks. The all-time high on Binance was recorded in May 2021, with realized PnL hitting $2.9 billion, followed by the second-highest level of $2.6 billion on June 16, 2025. As of the latest data, Binance’s current realized PnL is estimated to be below $2 billion, suggesting that while global exchange flows are breaking records, Binance has yet to surpass its past peaks.
To better understand this trend, we analyzed Binance’s share of total realized PnL across all exchanges. Although the dollar value is still below historical highs, Binance’s relative share has surged in recent months—reaching as high as 60% on some trading days. This signals that Binance is playing a dominant role in the recent profit-taking behavior seen on-chain.
These three metrics collectively highlight several key insights:
Investors are actively realizing profits in response to the strong Bitcoin price rally.
Binance has become the central hub for this activity, with its influence growing substantially in recent months.
The behavior of major participants (whales) on Binance is shaping the broader market structure and supply dynamics.
In conclusion, we are entering a high-risk zone characterized by aggressive profit-taking. Binance's increasing dominance in realized PnL flows reinforces its critical role in market sentiment and liquidity. For traders and analysts, it is crucial to closely monitor Binance's on-chain activity alongside other exchanges to stay ahead of potential volatility.
Written by Crazzyblockk
