Bitcoin: Is the Crowd Leaving? – Analyzing the On-chain Data

1 month ago 6

Key Takeaways

Retail inflows to Binance hit a record low of 329 BTC per day.
That’s roughly 8x below the 2021 average and 11x below 2018.
Bitcoin ETFs have seen about $8.48 billion in net outflows since May 6.
Both point to the crowd exiting, but neither is a timing signal.

Retail Never Showed Up This Cycle

Data from CryptoQuant shared by analyst Darkfost, tracking Binance inflows under 1 BTC, a proxy for retail, against price since 2018. According to the analyst, retail inflows now average 329 BTC per day, the lowest in the exchange’s history. The historical contrast is the whole point:

Period Retail Inflows (avg/day)