Bitcoin exchanges are witnessing a significant drop in daily inflows, levels not seen in nearly a decade. This phenomenon follows Bitcoin’s recent peak at $73,800, indicating a noteworthy shift in market dynamics.

Bitcoin Exchange Inflows Reach 2014 Levels

Bitcoin Exchange Inflows With A 1-Year Simple Moving Average. Source: Cryptoquant
Bitcoin exchange inflows with a 1-year simple moving average. Source: CryptoQuant

Recent data from the on-chain analytics platform CryptoQuant highlights a drastic decline in Bitcoin (BTC) inflows to major exchanges. April and May 2024 have recorded some of the lowest daily inflow figures in the past ten years, resembling the market behavior when Bitcoin was trading below $1,000 per coin. For instance, on April 20, when BTC/USD mirrored current price levels, only 8,400 BTC flowed into exchanges. This sharp reduction underscores a change in trader sentiment, with many opting to hold their coins rather than keeping them available for quick sale.

Institutional Involvement and Whale Activity

The decreasing exchange inflows coincide with a new era of institutional involvement in Bitcoin investment. Despite recent price volatility, the appetite for BTC has remained robust. Analysts suggest that significant players, or “whales,” holding between 1,000 to 10,000 BTC, have not been contributing to market volatility as actively as before. According to a CryptoQuant update, these whales might be refraining from selling, possibly anticipating further market cycles or leveraging over-the-counter (OTC) markets. This behavior may also be influenced by the recent approval of spot Bitcoin exchange-traded funds (ETFs), which could be shaping the inflow data.


The current trend of reduced Bitcoin exchange inflows points to a shift in market behavior, influenced by increased institutional participation and strategic moves by large holders. As Bitcoin continues to evolve, understanding these dynamics becomes crucial for predicting future market trends. The interplay between exchange inflows, whale activity, and institutional involvement will likely remain key factors in shaping Bitcoin’s market landscape.