Key Takeaways
Are Bitcoin wholecoiners selling or holding right now?
Bitcoin wholecoiners are holding, as exchange inflows hit cycle lows and indicate strong long-term conviction.
What does Binance’s BTC netflow suggest about market sentiment?
A sharp -311 BTC net outflow from Binance shows reduced selling pressure and possible bullish sentiment among traders.
Bitcoin [BTC] investors holding at least one full coin (known as “wholecoiners”) seem to be locking their stash away instead of sending it to exchanges.
Data shows exchange inflows from this group have fallen to multi-month lows, in addition to Binance seeing a net outflow of 311 BTC.
Are holders betting on higher prices ahead?
Wholecoiners send less BTC to exchanges
Transactions from “wholecoiners” have dropped to their lowest point in this cycle.
On Binance, inflows have fallen sharply from nearly 11,500 BTC in November 2023 to just around 7,000 BTC now.
A similar pattern is playing out across all exchanges, where deposits have slid from 45,000 BTC in May 2024 to roughly 30,000 BTC.
Source: Cryptoquant
This trend matters because wholecoiners represent a unique group of investors. Owning a full Bitcoin is not only financially significant but also symbolic, making their actions a strong indicator of sentiment.
Binance netflows turn a deep red
Building on this wholecoiner trend, Binance’s own data adds weight to the bullish case. The exchange’s Bitcoin Netflow (SMA30) recently fell to -311 BTC, well below the -100 threshold.
A negative reading shows that more Bitcoin is leaving Binance than coming in, meaning fewer coins are available to sell.
Source: Cryptoquant
This kind of outflow is often seen as investors choosing to hold rather than trade, reducing immediate selling pressure.
Sharp drops in netflow like this have often come ahead of upward moves, acting as an early “buy signal” for traders.
BTC price steadies near key support
At press time, Bitcoin traded around $112,146, stabilizing after last week’s drop. This comes as interest in crypto weakens.
The RSI was just below neutral and BTC remained sandwiched between the 50-day EMA ($113,281) and 100-day EMA ($111,786). This zone could act as short-term support.
If buyers hold the line here, BTC may attempt another push above resistance, but failure could leave it vulnerable to further downside pressure.