Bitcoin exchange inflows from mid-sized investors have declined significantly amid the cryptocurrency's recent price rally. Since early August, deposits of mid-sized coins to Binance, Coinbase Pro, and Coinbase Prime fell by an estimated 15.5%, according to data from CryptoQuant.
During this period, Bitcoin's price rose approximately 25%, climbing from around $63,000 to near $79,000. The decline in mid-sized coin inflows suggests these investors are choosing to hold their positions rather than sell into the price increase.
Binance experienced the largest decrease, with mid-sized coin deposits dropping nearly 30%, from 4,390 BTC to 3,080 BTC. This shift in activity between exchanges produced a 1,160 BTC swing but did not indicate increased overall selling pressure.
Data from whale-tracking sources shows that the largest Bitcoin holders have maintained relatively stable balance levels since September 2, holding approximately 5.22 million BTC on average. This suggests major participants have largely paused their accumulation activity.
The 25% price increase has been primarily driven by retail and institutional investors rather than whale activity, leaving the rally without stronger support from Bitcoin's largest holders. Reduced exchange inflows could help support current price levels, though sustained momentum would require continued buying demand.
Bitcoin exchange-traded funds have shown signs of weakening demand near recent highs. On September 8 and 9, ETF outflows totaled approximately $166.89 million. However, September flows remain positive at $622.7 million, indicating that recent selling has not eliminated underlying demand.
