Bitcoin Whales Are Embracing Binance as Exchange Battle Thickens

Binance Exchange has recorded an increasing number of whale activities in the market. The current bull cycle introduced new changes across on-chain and institutional data in digital assets. Bitcoin soaring to new highs boosted activity and attracted new capital inflow. Meanwhile, centralized crypto exchanges ramp up expansion efforts to lead the onboarding of new users to web3.

Binance Dominate Whale Transactions

The world’s largest exchange by trading volume has increased its market share of Bitcoin whale transactions in this bull cycle. A new CryptoQuant report pointed to a rise in the Exchange Inflow Mean (7MA) over the past few months. Traditionally, Binance held the retail makers becoming a go-to exchange for new crypto users. This added to the firm’s overall values, although it has its fair share of whale and institutional holdings.

Previously, the 7MA stood at 0.7 BTC as the average inflow surged. However, the recent bull cycle has brought the figure to 6.8 BTC due to the price of Bitcoin hitting new highs.

“Previously, the Exchange Inflow Mean (7MA) was around 0.7 BTC, meaning that the average inflow to Binance was 0.7 BTC. However, since January 2024, this has changed, with the mean inflow now increasing to 6.8 BTC. It’s important to notice that this is a mean-value. This shift indicates that deposits to the exchange have transitioned from retail-dominated amounts towards whale-dominated amounts.”

Bitcoin Bulls Rallies The Market

Generally, the last two months have seen increased whale participation in the market as bulls build momentum. These activities assess the level of inflows into the market and present sentiments. At the moment, crypto whales continue to drive funds toward the market, sparking new highs. The price of Bitcoin stands at $89,940, an impressive 17% rise in the last 24 hours.

The total crypto market cap topped $3 trillion before plummeting slightly below the benchmark. Daily volumes are also surging, spurring an increase in decentralized finance (DeFi) numbers. Aside from Bitcoin, altcoins have also driven up Binance numbers, with Ethereum and Solana notching gains. Centralized exchanges are popular for their ease in onboarding users to Web3. The battle to shrink Binance’s volume is ever-present as Bybit and Coinbase, among others, expand to new markets.