The crypto market still faces macroeconomic uncertainty despite showing the potential for a bullish rebound. Meanwhile, Binance whales are in the spotlight as they defy market expectations.
Onchain analytics data provider CryptoQuant illuminated the behavior of Binance whales to provide general sentiment in the crypto market.
What Binance Whales Behavior Suggest About Crypto Market
CryptoQuant analyst Darkfost analyzed the behavior of Binance whales using two key indicators: ‘the Exchange Whale Ratio’ and ‘Whale to Exchange Flow.’
The analyst explained that the first indicator compares the top 10 inflows to the inflows on Binance. It highlighted the extent to which major investors shift their assets onto the exchange.
Darkfost also pointed out a key observation in the 365-day Moving Average (365-DMA), a statistical measure that provides a long-term ratio trend.
According to the analyst, the 365-DMA increased steadily, indicating that the longer the bullish trend continues, the greater the whale participation.
This means inflows from large investors represent a huge part of the total inflows.
Additionally, the 30-DMA showed decreased whale involvement in the short term. The ratio has now returned to levels seen in September and October 2024.
This could mean that the selling pressure from Binance whales is either decreasing or stabilizing.
For the second indicator, CryptoQuant directly analyzed the 30-day value of whale inflows, which showed a steady decrease.
The inflow value plummeted by over $3 Billion, similar to a period during the previous correction in 2024 for the crypto market.
In the current complicated period, Binance whales are not exhibiting panic. Instead, the Exchange Whale Ratio and whale inflows on Binance are decreasing.
This indicates that whales prefer to hold rather than sell massively and capitulate.
Binance’s Crypto Market Share and Retail Hub
Meanwhile, Binance maintains its position as the largest centralized crypto exchange, with a spot trading volume of over $15.6 Billion.
Additionally, according to CoinMarketCap data, derivatives trading volume grew to $64 Billion in the last 24 hours.
Binance also has the highest weekly visits, reaching 11,252,523. Users can access 488 cryptocurrencies and thousands of trading pairs on the exchange.
Other notable gainers include Bybit, Coinbase, and Upbit.
Spot trading volume oin the exchanges soared to $2.9 Billion, $2.5 Billion, and $2.5 Billion, respectively.
Binance Backs ONDO, BIGTIME, and VIRTUAL Tokens
Binance, the biggest exchange by trading volume, strongly supports top cryptocurrencies, possibly accounting for why whales gravitate to the platform.
The platform periodically lists trending cryptocurrencies as it diversifies its expanding portfolio.
Last week, Binance announced a potential listing for three new altcoins based on its decentralized listing and delisting mechanism.
The announcement comes after Binance removed trading pairs that were not performing due to low liquidity and trade volume.
Ondo (ONDO), Big Time (BIGTIME), and Virtuals Protocol (VIRTUAL) emerged as crypto projects the community voted to have listed on Binance. This is based on results from a second round of voting.
What to Expect?
Market participants praised the voting system as a creative way for Binance to involve the community in decision-making. Notably, it helps measure their interest in new projects that could drive transactions.
Amid the current changes, Binance has seen a substantial drop in customers’ Bitcoin and BNB reserves.
As revealed in its 29th Proof of Reserves, customers’ BTC reserves declined by 15,577 coins, while BNB increased by over 632,000 tokens.
