Bitcoin’s June correction is now accompanied by a sharp increase in whale deposits on Binance, according to CryptoQuant analyst Darkfost, reviving a trend last seen during the February market stress event. The data suggests that large holders are bringing more BTC back onto the exchange as the sell-off intensifies, which could add supply pressure in the near term.
Darkfost said Bitcoin was down 14% in June, with the decline accelerating over the past few days. This move has caused some investors to adopt a more defensive posture, particularly large entities that move significant amounts of BTC. In the analyst’s framework, whales are defined as entities executing transactions greater than 100 BTC, or more than $6 million at current prices.
The most visible change happened on Binance. According to the post, whale inflows on the exchange reached around 8,200 BTC on June 2, followed by over 6,400 BTC on June 4. More importantly, the trend has also changed on a monthly basis: average whale inflows on Binance have increased from around 1,200 BTC since mid-April to over 2,800 BTC today, meaning this figure has more than doubled in a matter of weeks.
“On Binance, BTC inflows from whales have accelerated sharply,” Darkfost wrote, highlighting the June 2 and 4 peaks. “Longer term, the monthly average whale inflow on Binance has increased from around 1,200 BTC since mid-April to over 2,800 BTC today, more than doubling in a matter of weeks.”
Bitcoin Whale Deposits Indicate Growing Risk on the Sell Side
Trading flows do not mechanically prove that coins have already been sold. However, large transfers to trading venues are generally considered an indicator of potential selling intent, particularly when they occur during a rapid correction rather than during a period of accumulation or sideways consolidation.
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Darkfost presented the current increase in this context. “This dynamic suggests that the ongoing correction is pushing some whales to put their BTC back on exchanges, likely with the intention of selling,” the analyst wrote. “This behavior seems more like emotional risk management than a deliberate strategic decision.”
This distinction is important for market interpretation. Strategic rebalancing typically involves pre-planned execution, portfolio rotation, or a controlled reduction in exposure. In contrast, panic-induced currency inflows tend to appear after price deterioration has already forced large holders to reassess risk. They can make the pressure worse in the short term, but they can also appear late in a corrective sequence.
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Bitcoin was trading near $62,533 at the time of writing, following an intraday low of $61,407 and a high of $64,380. This brings the market closer to the levels referenced in Darkfost’s comparison to February, when whale inflow activity on Binance last reached similar intensity during Bitcoin’s plunge to $60,000.
February comparison raises key question
The February reference is the central point of the analysis. Darkfost noted that the last comparable increase in Binance whale inflows occurred when Bitcoin fell below $60,000 earlier this year. In this case, the high inflows reflected the stress following a sharp decline rather than an early warning signal before the full move.
“For reference, the last time whale inflow activity on Binance reached such levels was during Bitcoin’s fall below $60,000 in early February,” the analyst wrote. “This development introduces additional short-term selling pressure. That said, panic moves of this type tend to come well after the fact, as was the case in February.”
At press time, BTC was trading at $62,332.
Featured image created with DALL.E, chart from TradingView.com
