Bitcoin inflows to Binance fall to 2023 low as BTC bulls set target on $80K

Bitcoin flows on Coinbase dominate

The distribution of BTC inflows across exchanges provides another perspective. Data from CryptoQuant shows that mid-size investor inflows into Coinbase reached about 8,500 BTC on April 19, approaching levels last seen after the FTX exchange collapse in November 2022.

Bitcoin mid-size wallet inflows on Coinbase. Source: CryptoQuant

BTC activity across other exchanges remained relatively muted. Amr Taha noted that a broad distribution phase would typically reflect synchronized inflows across multiple exchanges, which is not evident in the current data.

A similar spike on Coinbase was observed on Jan. 14, shortly before Bitcoin declined from $95,000 to below $67,000 in February. However, the current conditions differ, as exchange inflows appear fragmented rather than market-wide, suggesting mixed sentiment rather than coordinated distribution.

Data from Bitcoin researcher Axel Adler Jr. also highlights a deeper shift in supply dynamics. Bitcoin’s 30-day net flow dropped to -300,000 BTC in March from +94,000 BTC in February, signaling a strong withdrawal phase. The metric stands near -98,000 BTC as of April 21, with outflows continuing at a slower pace.

Bitcoin 30D net flows. Source: CryptoQuant

Adler Jr. added that exchange reserves have declined for seven consecutive weeks, falling by over 105,000 BTC since early March. Notably, even during the April 2 pullback toward $67,000, there was no significant return of coins to exchanges.

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