According to data from on-chain analytics firm CryptoQuant, the inflow of “Wholecoiners” on the Binance exchange has reached a cycle low.
Wholecoiner Inflows: Those who hold 1 or more Bitcoin have seen a decrease in the amount of coins deposited on the exchange. A decrease in inflow on the exchange means that selling pressure among holders is likely to decrease. This is because in most cases, coins are brought to the exchange to be sold. This could indicate market stability or a potential upside.
Various crypto news outlets and analysts have also reported on CryptoQuant’s data and analysis.
