Yeliz Akmaca 
At first glance, nothing dramatic seems to be happening in the crypto market. Prices look stable, almost stuck. But on-chain data tells a different story. Beneath this calm surface, a quiet positioning phase appears to be unfolding.
Last week, whales transferred a massive $2.4 billion worth of crypto assets to Binance. The move signals potential sell-side pressure, yet the capital needed to absorb this supply has not shown up. Buyers, for now, remain conspicuously absent.
Timing is the key detail. As markets were expected to gradually reopen after the holiday lull, these sell-leaning transfers were not met with strong demand. The balance, at least for now, seems to be tilting in one direction.
Big Wallets Are Active, Crypto Demand Is Weak
According to CryptoOnchain data, weekly crypto inflows to Binance increased sharply. This surge was not driven by retail traders but by large wallets. Both Bitcoin and Ether deposits exceeded recent weekly averages.
What’s missing is the counterweight. Stablecoin inflows, which typically signal fresh buying power, remained largely flat. Net stablecoin inflows totaled just $42 million for the week, with most of that movement occurring between the Ethereum and Tron networks. New capital has yet to meaningfully enter the market.
In short, sellers appear ready. Buyers are still watching.
Bitcoin Accumulation Loses Momentum
Another data point adds to the caution. Bitcoin accumulation has stalled since October, while average Bitcoin deposits to Binance have climbed.
Recent figures show the average inbound transaction size rising from roughly 8–10 BTC to 22–26 BTC. This shift highlights growing activity from large holders. At the same time, outbound flows tell a different story.
Average withdrawal sizes dropped sharply, fluctuating between 5.5 and 8.3 BTC. Large-scale cold storage accumulation has slowed noticeably, suggesting a weakening long-term holding appetite among major players.
A Quiet Build-Up on the Sell Side
In total, whales sent $2.4 billion in assets to Binance last week, including $1.33 billion in Bitcoin and $1.07 billion in Ether. This marked the exchange’s largest net inflow in over a month.
Such transfers typically point to either imminent selling or the use of assets as collateral in derivatives markets. Regardless of the motive, a significant potential supply has been placed on the table.
Bitcoin rose 1.3% over the past 24 hours, briefly touching $93,170 before settling near $92,600. Price action remains resilient, but on-chain flows suggest this move lacks strong buy-side confirmation.
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