Bitcoin inflows to exchanges have fallen to an 11-year low

The inflow of Bitcoin to cryptocurrency exchanges has fallen to its lowest level in 11 years. An analyst on the CryptoQuant platform, going by the pseudonym Darkfost, believes this is not just a temporary lull but evidence of deep structural changes in the market. He cites the growing popularity of spot Bitcoin ETFs and a massive influx of institutional capital as key factors.

In early May, long-term Bitcoin holders were transferring an average of about 630 BTC to exchanges daily. In June, this figure rose slightly to approximately 800 BTC per day. Despite the small increase, volumes remain near the lowest annual averages on record, which have been tracked since 2015.

The composition of long-term investors has undergone a significant transformation. Whereas retail market participants previously dominated this group, large funds and institutional players—who are not focused on quick profit-taking—now account for an increasingly larger share. Darkfost notes that most of these investors hold their assets in off-exchange wallets and do not view Bitcoin as a short-term trading instrument.

The reduction in the inflow of coins to trading platforms lowers the risk of large-scale sell-offs. CryptoQuant emphasizes that selling pressure in the medium and long term remains significantly lower than in previous market cycles. Further confirmation of this trend came in the form of a new all-time high in the volume of Bitcoin held by long-term holders—15.8 million BTC.

At the same time, Darkfost warns against excessive optimism. The resilience of long-term investors does not rule out short-term price fluctuations—local volatility can be triggered by speculators and short-term holders of the asset who react to changes in market conditions.

Earlier, CryptoQuant analysts warned that the Bitcoin market has not yet shown signs of a sustained reversal. They estimated the potential bottom of the current cycle at approximately $ 53,600, pointing to continued weakness in demand for the leading cryptocurrency.