📊 On-chain Data: Transactions of Individuals Holding ≤1 BTC Decrease to Historical Lows
According to on-chain data, the amount of Bitcoin transferred to Binance by small wallets (≤1 BTC) has dropped to a historical low.
During the panic following the FTX incident (12/2022), this group still transferred around 2.675 BTC.
Currently, the figure has fallen to just 411 BTC — a decrease of over 84%.
🤔 What is unusual?
Typically, during bull run cycles, retail investors are usually very active, increasing trading as prices rise.
However, in this cycle, even though Bitcoin has risen significantly, the activity of small wallet deposits to exchanges continues to decline.
🟦 Spot ETF – A factor changing retail behavior
Analysts believe that the launch of the Bitcoin spot ETF in early 2024 is a significant reason:
- Since the ETF's introduction, the amount of BTC transferred to Binance by the ≤1 BTC group has decreased by more than 60%.
- This indicates a new trend: retail prioritizing long-term accumulation through ETFs, rather than transferring BTC to exchanges for short-term trading as before.
