Small Bitcoin holders are sending coins to Binance at the fastest rate in six months, while large holders are moving in the opposite direction, according to on-chain researcher Darkfost. The divergence comes as bitcoin trades above $80,000.
Retail deposits nearly double
Retail deposits to the exchange, measured on a 30-day basis, have almost doubled from $5.5 billion to $10.75 billion, the researcher found. That marks the quickest pace of small-holder inflows in six months.
According to the analysis, the pattern suggests retail investors are using bitcoin's first rebound after a year-long decline to sell at better prices.
Whale inflows fall sharply
Large holders have moved in the other direction. Whale inflows to Binance have dropped by about 36% over nearly two months, sliding from $5.9 billion at the end of August to $3.8 billion.
That decline indicates whales are not showing signs of distributing their holdings at current price levels, based on the on-chain data cited by Darkfost.
What to watch
The key signal for the market, according to the analysis, is whether large holders remain patient if prices rise further. Retail selling into strength alongside steady whale positioning sets up a test of conviction among the largest bitcoin holders.
