Bitcoin Holders Keep Coins Off Exchanges, Slashing Selling Pressure to 2020 Levels

Bitcoin holders are moving dramatically fewer coins onto exchanges, with Binance inflows now at their lowest level in over six years. The 30-day moving average of Bitcoin deposits to Binance stands at approximately 3,998 BTC—nearly three times below the long-term average of 11,000 BTC and a fraction of the 25,000 BTC daily inflows seen during the 2021 peak. This sharp decline means significantly less Bitcoin is positioned for immediate sale, reducing short-term selling pressure.

Historically, spikes in exchange inflows have preceded market downturns, signaling investor intent to sell. Today, the opposite is unfolding: holders are keeping coins in self-custody, a behavior that reflects confidence or at least patience amid geopolitical tensions and market consolidation. Despite oil price volatility and unresolved U.S.-Iran negotiations, deposit activity remains subdued.

The shift is structural. Capital that might once have flowed into centralized exchanges is now finding its way into spot Bitcoin ETFs, which offer exposure without requiring direct exchange deposits. As a result, Binance—still the largest exchange by trading liquidity—is seeing fewer on-chain transfers than at any comparable point since 2020. Investors are not capitulating. They’re holding. And that changes the market’s underlying dynamics.