- Over 75% of Binance’s USDT inflows since Nov 2023 came from whale wallets using the Tron (TRC-20) network.
- Binance recorded over $1B in stablecoin outflows in May 2025 despite continued whale inflows and market activity.
- Long-term holders cut exposure as wallets with 100–1K BTC increased accumulation during Bitcoin’s rise past $110K.
Over 75% of USDT inflows to Binance since November 2023 have come from whale wallets, according to CryptoQuant analyst JA Maartun. The data, focused on the TRC-20 network, shows a steady preference among large holders for using Binance as their primary exchange for depositing stablecoins.
These deposits often precede major trading actions, such as Bitcoin purchases and futures activity. Despite this trend, May 2025 recorded a sharp reversal, with Binance seeing net stablecoin outflows exceeding $1 billion, pointing to shifting liquidity strategies in the market.
Binance Attracts Whale Inflows but Faces Net Outflows
The report from CryptoQuant indicates that whales are consistently depositing large volumes of USDT into Binance. Since late 2023, around three-quarters of all USDT inflows to Binance have originated from high-value wallets.
These whale transactions suggest that Binance remains a preferred entry point for substantial trading capital. However, the broader picture shows contrasting movement. In May 2025, stablecoin netflows on Binance dropped below -$1 billion.
This figure is a major liquidity exit, with traders pulling funds away from the platform. Negative netflows like these typically show shifting strategies or risk mitigation during periods of market uncertainty. Even with these outflows, Binance’s inflow pattern shows that whales still rely on the exchange for initiating trades.
Long-Term Holders Pull Back as Smaller Wallets Buy
Alongside stablecoin moves, long-term Bitcoin holders (LTHs) have reduced their positions. CryptoQuant’s data shows the Net Position Realized Cap for LTHs fell from $28 billion to $2 billion.
This fast decline suggests that LTHs are no longer adding to their Bitcoin exposure despite the ongoing rally. While large holders step back, smaller wallets are ramping up accumulation. Entities holding 100–1,000 BTC have steadily increased their exposure since prices surged past $110,000.
In contrast, wallets with 1,000–10,000 BTC have reduced their holdings, distributing across key price highs from $81,000 upwards. These diverging trends indicate a shift in market dynamics between institutional and retail behaviors.
Whale Wallet Activity Leads to Volatility
Recent spikes in whale activity scores on Binance confirm growing movement among the largest wallets. These scores, tracked by CryptoQuant, reflect both inflows and outflows from the top ten whale addresses.
Inflow surges often precede distribution phases, while outflows suggest redeployment or accumulation. This trend has coincided with a positive shift in the Spot Taker CVD metric, indicating increased buyer dominance on the platform.
Despite large outflows, the sustained inflow from whales and increased retail participation show Binance’s role in driving market momentum. With whales using Binance as a primary route for capital deployment, and smaller wallets continuing accumulation, the exchange is central to recent changes in liquidity and trading behavior.
