Bitcoin (BTC) is hovering just under the $110,000 threshold, taking a breather following its recent upward momentum. The digital asset is currently valued at $106,841, reflecting a modest 0.4% decrease over the last day.

After briefly reaching an intraday peak of $107,884, BTC has settled into a tight trading range, leaving investors anticipating its next decisive move.

While price action appears subdued, deeper blockchain analysis reveals shifting patterns in investor activity. A recent CryptoQuant report by contributor oinonen examines wallet movements on Binance, offering insights into current market dynamics.

Growing Impact of Mid-Sized Investors

The study shows increased engagement from both institutional-scale and intermediate investors. Wallets transferring 10 to 100 BTC now represent 40% of all BTC deposits on the exchange. These mid-range transactions typically originate from affluent individuals, professional trading entities, or smaller institutional players - a tier above retail traders but below major whales.

Comparatively, larger whale transactions (100–1,000 BTC) currently constitute 20% of inflows, indicating mid-level participants may currently have greater influence on exchange activity.

Notably, whale dominance reasserted itself recently. A 10,000 BTC transfer on June 16 accounted for 83% of Binance's total BTC deposits that day. This aligns with earlier findings showing whale participation has grown fourfold since mid-2023, according to CryptoQuant's whale activity indicators.

Institutional Presence Expands

Exchange metrics also demonstrate rising institutional involvement. The average deposit size has increased from 0.36 BTC last year to 1.65 BTC in 2024, reflecting larger transaction volumes.

Binance recorded $21.6 billion in user deposits this year - approximately 40% higher than the aggregate total of its next ten competitors.

While institutional activity grows, the prevalence of 10–100 BTC transactions confirms mid-tier investors remain crucial market participants. This evolving landscape suggests Bitcoin's market structure is transitioning, with influence distributed across different investor classes rather than concentrated among whales alone.

As Bitcoin continues consolidating near current levels, market participants remain watchful for signals that could trigger its next significant price movement.