It appears that Bitcoin traders are currently dealing with Binance in a different way than other major crypto exchanges. A recent analysis published by Cryptoquant shows the potential changes in market behavior and platform use.
On-chain analytics companies have found that short-term holders (STH) are generally defined as wallets holding bitcoin for less than 155 days – sending significantly less BTC to BINANCE compared to other trading platforms. This trend could affect Bitcoin’s short-term price movement, as investors could readjust their trading or holding strategies between exchanges.
Cryptoquant data shows that STHS was deposited on only 6,300 BTC over the period of tracking. This represents a sharp decline compared to an average of 24,700 BTC sent from STH to other exchanges in the same time frame.
Meanwhile, the relatively high BTC inflows for other exchanges suggest changes that active traders may now prefer to seek liquidity or execute trades. Binance generally maintains the highest trading volume reported worldwide, but the low current STH inflow suggests that some market participants view it as a stable holding position (“Bitcoin bank”) rather than a major hub for active short-term trading decisions.
These branching float trends potentially highlight market dynamics that could have an impact on Bitcoin’s price action soon.
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Binance’s big BTC balance will last during market changes
Despite the relatively low recent STH inflows, Binance continues to hold a huge amount of Bitcoin on behalf of its users, reflecting its large market share.
According to individual data from the Coinglass Tracking Exchange Balance, Binance’s reported BTC balance (approximately 569,561 BTC) remains second to Coinbase Pro among the major centralized platforms. This big balance suggests that many users continue to trust Binance as the main platform for detaining Bitcoin.
Looking at a specific time frame adds more nuance. In Daily View, Binance’s net BTC flow (+1,698 BTC) appeared to be relatively stable recently compared to other day’s outflows.
However, Bitfinex sees much larger net inflows over the same 24 hours (+11,755 BTC), indicating potentially more significant active transactions or large deposit activities occurring on that particular platform during that window.
Contrasting 7-day and 30-day float trends
The changes in Binance’s net BTC balance over the past seven days were also positive (+968 BTC). This means that in the balance of the week, users deposited a little more bitcoin on the binance than they would withdraw.
In contrast, the main counterparts Coinbase Pro (-7,792 BTC) and Bitfinex (-7,524 BTC) showed substantial net spill over the same 7-day period. This means that traders have probably been independent or have moved a significant amount of BTC away from these platforms over the past week to other exchanges and venues.
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However, over a long period of 30 days, Binance also experienced net spills from reported balances. This means that some Bitcoins have moved off the exchange for a month despite weekly stability.
The general trend of net decline in BTC on most major exchange platforms over the past 30 days suggests that more Bitcoin may be moving towards private, user-controlled wallets (independent).
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