TL;DR

Whale Activity: Bitcoin whale inflows to Binance have decreased to $3.6B, dropping below the April 2025 low and indicating a significant decline in large-holder sell pressure.
Short‑Term Holders: Recent exchange deposits are dominated by short‑term holders, including a 305 BTC transfer on March 13, indicating selling driven by weaker hands rather than strategic whale distribution.
Market Structure: Bitcoin trades near $68,500 within the dense range of $70,685 to $65,636, and combined flow data suggests the market is approaching seller exhaustion, even though a clear breakout catalyst has not yet emerged.

Bitcoin’s latest exchange flow data points to a meaningful shift in market structure, with whale inflows to Binance falling to levels not seen since early 2025. The decline suggests that large‑holder sell pressure has eased sharply, even as short‑term holders continue to send coins to exchanges. The combination paints a picture of a market moving closer to seller exhaustion rather than entering a new phase of distribution.

Whale Inflows Fall Below a Key Historical Threshold

CryptoQuant’s 30‑day cumulative whale inflow metric now sits at $3.6B, well below the $3.83B low recorded in April 2025. That earlier level marked the point where whale activity bottomed before Bitcoin pushed toward its cycle high above $120,000. The current reading has dropped nearly 60% from the $8.95B peak reached in February 2026, signaling a steep retreat in large‑holder deposits. This compression of whale inflows indicates that one of the market’s primary sources of sell‑side pressure has cooled significantly.

Short‑Term Holders Drive the Latest Exchange Deposits

While whales have stepped back, short‑term holders remain active. The most recent notable deposit occurred on March 13, when the one‑week to one‑month cohort sent 305 BTC to Binance. These participants tend to react emotionally to price swings, often selling near local lows. Their presence as the dominant source of inflows suggests that current selling is driven more by weaker hands than by strategic distribution from larger players.

Market Structure Reflects a Shift Toward Seller Exhaustion

The divergence between suppressed whale inflows and active short‑term holder deposits is a meaningful structural signal. When large holders reduce exchange activity while reactive cohorts continue selling, it often reflects late‑stage fear rather than renewed top formation. This setup does not guarantee an immediate rally, but it does indicate that the market is no longer facing the same level of pressure from whales that defined the February peak.

Bitcoin Trades Within a Dense Transaction Range

Bitcoin $BTC is stuck in a “No-Trade Zone.”

Right now, the area between $70,685 and $65,636 is the most important spot on the chart. Over 1.72 million BTC were transacted here, meaning buyers and sellers are digging in their heels.

We won’t see the next big move until Bitcoin… pic.twitter.com/4qjJkoRbio

— Ali Charts (@alicharts) March 23, 2026

Bitcoin is currently trading near $70,000, inside the heavily transacted $70,685 to $65,636 range identified by URPD data. With over 1.72M BTC exchanged within this zone, neither buyers nor sellers hold a clear advantage. A decisive break above $70,685 or below $65,636 is needed to establish direction, but the flow data suggests the market is closer to the end of its selling phase than the beginning of a new one.

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Filed under: News - @ March 23, 2026 1:29 pm