Binance Data Show Bitcoin Whale Activity Slowing as Market Liquidity Shifts

On-chain analytics platform Santiment classifies addresses holding 10 to 10,000 Bitcoin as whales and sharks, whose activity is often used to assess shifts in holdings. On March 15, Bitcoin traded at about $71,350, while this group's share of supply rose to 68.17% from 68.07% a week earlier. Santiment described the shift as a bullish “positive reversal,” though a market bottom would also require retail investors to exit.

The latest data showed that the group accumulated another 40,967 BTC from April 10 to April 23, a 0.3% increase over two weeks worth about $3.17 billion at the time. Retail addresses holding less than 0.1 BTC added just 46 coins over the same period. Santiment said on April 23 that continued buying by large holders, coupled with retail profit-taking, would be one of the strongest signals that a long-term bull market was taking shape. BTC was trading at about $78,300 at the time.

Bitfinex said Bitcoin whales continue to move their holdings into long-term storage, reducing the amount of BTC available for sale on exchanges. The supply squeeze matters because daily new Bitcoin issuance is limited. If demand from large holders persists, thinning market liquidity could amplify price swings and provide important support for Bitcoin’s attempt to reach $90,000.

Whales accumulated more than 270,000 BTC over the past 30 days, absorbing about 20 times the daily new supply in the largest buying wave since 2013. They purchased about $16.7 billion worth over two weeks, continuing to buy even as Bitcoin ETFs recorded an unprecedented $4 billion in net outflows during the same period. BTC balances across global exchanges also fell to their lowest level since December 2017.

Bitcoin held on exchanges is generally viewed as a source of potential selling pressure, while transfers to holders’ self-custodied cold wallets typically indicate less willingness to sell in the short term. Onchain analyst Axel Adler Jr. said large net outflows often reflect accumulation by whales or institutions, making them an important indicator of market supply and price momentum.

On Wednesday, July 15, 2026, 31,900 BTC worth more than $2.2 billion left Bitcoin exchanges in a single day, the largest outflow in nearly a year. Holders’ conviction was described as strengthening even as BTC fell below $68,000. Adler said the anomalous withdrawals showed coins moving into cold wallets, potentially reducing selling pressure on exchanges.