CryptoQuant reports that the Medium amount of Bitcoin deposited by retail investors into Binance has fallen to a record low of 314 BTC per month.
This level, as mentioned by Darkfost on X, is significantly lower than previous periods. In the current cycle, the Medium was around 1,800 BTC during the bear market and around 1,200 BTC at the initial peak in March 2024.
He also compared it to previous cycles, when retail inflows into Binance peaked at 5,400 BTC in 2018 and 2,600 BTC in 2021. In January 2024 alone, deposits remained around 1,000 BTC, but had decreased by more than three times in two years.
Darkfost notes that retail investor participation continues to weaken, and some may have left the market or moved to spot Bitcoin ETFs. This development suggests that the structure and behavior of Bitcoin investors are changing.
