Data: Binance's "All Coin Holders" inflows plummeted to their lowest level since 2018.

According to Mars Finance, on-chain data shows that the inflow of "wholecoiner" transactions exceeding 1 BTC on Binance is rapidly declining. The annual average inflow is approximately 6,500 BTC, a new low since 2018; the weekly average inflow is only about 5,200 BTC, one of the lowest levels in this cycle. It's worth noting that despite the continued rise in Bitcoin prices, the trend of wholecoiner inflows is the opposite of past cycles: declining instead of rising. This not only indicates reduced selling pressure from investors holding large amounts of BTC, but also reflects a structural shift in the market: as Bitcoin valuations climb, the threshold for owning a full 1 BTC increases, naturally reducing large transactions; simultaneously, the surge in the number of exchanges and the expansion of the DeFi ecosystem provide more alternative channels, diverting funds that previously flowed almost entirely to major exchanges like Binance.