Source: Bitcoinist
04/15/2025 11:30
The news cycle regarding tariffs has created a wave of FUD in the Bitcoin market. Here is the response of the whales on the largest exchange to it.
The inflow to the Bitcoin exchange has recently decreased on Binance.
In CryptoQuant's Quicktake post, an analyst discussed how Binance Bitcoin whales have been behaving recently. The first metric shared by quant was the Exchange Whale Ratio, measuring the ratio between the total deposits of the top 10 users and the total inflow of any platform.
The ten largest transfers into an exchange often correspond to whale activity. Thus, the Exchange Whale Ratio tells us about the inflow activity of whales compared to the activity of the entire platform.
As the chart below shows, the 365-day exponential moving average (EMA) of the Whale Ratio on Binance's Bitcoin exchange has increased throughout this period, meaning whales have accounted for an increasingly larger portion of the deposits on the exchange.
Overall, investors deposit their funds into exchanges when they want to sell, so a high-value trading whale ratio may indicate that whales are accounting for a large portion of the selling activity on the platform.
The 365-day EMA of the Whale Ratio on Binance's exchange has continued to increase recently, implying that the overall picture remains that whales on the largest cryptocurrency exchange are still increasing selling pressure.
However, from a short-term perspective (30-day EMA), whales have lost dominance over the inflow. This may just be a temporary divergence and the trend will soon return to an upward trend, but in case this is indeed an early sign of a trend change, Bitcoin could see bullish impacts from this.
The exchange whale ratio only measures part of the total inflow that whales contribute. Here are some other metrics that show the scale of the whales' actual inflow.
As shown in the chart above, the total 30-day Binance Whale to Exchange Flow was measured at around $8.5 billion at last year's peak. Today, this figure has dropped to just $4.9 billion.
Therefore, it seems that whales have significantly reduced their margin activity in recent months. This trend is quite interesting, as the market has recently experienced a panic phase due to all the tariff-related news.
"In summary, during this complex phase, it seems that Binance whales are not panicking," the analyst noted.
BTC Price:
After a surge of over 7% recovery in the past week, Bitcoin has returned to levels above $85,000.