According to on-chain data, the amount of Bitcoin transferred to Binance by small Bitcoin holders (≤1 BTC) has fallen to a historical low. After the FTX panic in December 2022, this group still transferred about 2,675 Bitcoins, but now it has dropped to 411, a drop of more than 84%.
Historically, small holders are usually more active during bull markets, but in this cycle, despite the rise of Bitcoin, their activity on exchanges has continued to decline. Analysts believe that the launch of spot Bitcoin ETFs in early 2024 is a key factor. Since the ETF was launched, the amount transferred to Binance by this group has decreased by more than 60%.
This may reflect a more mature attitude among retail investors, who prefer long-term allocation through ETFs rather than chasing short-term volatility.
