Recent data from Binance, the largest retail spot exchange by market share, is showing key shifts in Bitcoin trading behavior. Between April 19 and April 23, over 15,000 BTC were withdrawn from Binance, following a prior period where inflows had reached similar levels. The change in flow direction is notable, especially as Bitcoin’s price moved from the $85,000–$87,000 range to above $93,000.
Since April 18, exchange reserves have also been in steady decline. A lower reserve level generally points to fewer BTC available for immediate selling on the exchange. This tends to happen when investors remove assets to their self custodian wallets which decreases near term sell pressure. In other cases, it may mean that the investors start to show more confidence on the future price movement of the asset.
Whale Activity Declines as Retail Takes the Lead
The Exchange Whale Ratio on Binance dropped below 0.3 as of April 23. This metric, which tracks the portion of large transacti
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