Quick Breakdown:
- Wholecoiner Bitcoin deposits hit their lowest level of the cycle, dropping across major exchanges.
- Binance inflows fall from 11,500 BTC in Nov 2023 to about 7,000 BTC, reflecting reduced selling pressure.
- Decline signals stronger conviction among investors to hold their BTC amid rising scarcity.
Bitcoin investors holding at least one full BTC known as wholecoiners are moving fewer coins to exchanges than at any point in the current market cycle, a trend analysts say underscores rising conviction to hold, according to On chain and technical analysist, Darkfost.
Sharp decline in exchange inflows
Data from Binance shows that average annual inflows from wholecoiners have fallen to around 7,000 BTC, down sharply from a November 2023 peak of nearly 11,500 BTC. The pattern is consistent across major trading platforms, where combined average annual deposits have dropped from about 45,000 BTC in May 2024 to roughly 30,000 BTC today. This marks the lowest level of the cycle and signals a notable retreat from exchange activity among this key investor group.
📉 Wholecoiners exchange inflows hit cycle lows !
The number of transactions coming from wholecoiners, investors holding at least 1 full BTC, has dropped to its lowest level of this cycle.
💥 On Binance, after peaking in November 2023 with average annual inflows of nearly 11… pic.twitter.com/t9nB0AUopG
— Darkfost (@Darkfost_Coc) September 28, 2025
Scarcity and market psychology
Wholecoiners represent a distinctive segment of the Bitcoin ecosystem. Owning a full BTC has become both a financial milestone and a symbolic badge of early adoption, making their trading behavior closely watched by market participants. Historically, rising inflows from this cohort have coincided with profit-taking or efforts to reduce exposure. The current decline in deposits, however, suggests growing determination to hold coins off exchanges, a move that naturally reduces potential selling pressure.
The trend also reflects Bitcoin’s built-in scarcity. As adoption grows and new supply remains fixed, accumulating an entire bitcoin becomes increasingly difficult, further elevating the economic and psychological significance of wholecoiner holdings. Analysts note that continued reductions in exchange deposits could tighten market liquidity and amplify price reactions during periods of heightened demand.
With Bitcoin trading sideways in recent weeks, the behavior of wholecoiners is emerging as a key indicator of market sentiment one that currently points toward patience and long-term accumulation rather than near-term selling.
A decisive shift was underway in the cryptocurrency market in July, as major altcoins posted substantial gains while Bitcoin entered a period of price consolidation. During that month, several leading alternative cryptocurrencies notched double-digit increases, outpacing Bitcoin, which remained range-bound.
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