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Bitcoin (BTC) continues to trade close to its new all-time high (ATH) of $111,980, set earlier this week. While some argue that the top digital asset may be running out of steam, Binance exchange flow data suggests that certain investor groups are reluctant to sell their BTC just yet, expecting further upside.
Bitcoin Inflows To Binance Suggest Further Upside Possible
According to a recent CryptoQuant Quicktake post by on-chain analyst Darkfost, analyzing BTC inflows to Binance from both short-term holders (STHs) and long-term holders (LTHs) can offer meaningful insights into selling pressure and its potential impact on price.
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Darkfost noted that STHs tend to be the most reactive and emotionally driven investor group when it comes to market movements. The analyst shared several examples from past market cycles.
For instance, during the price correction in August 2024 when BTC dropped from around $69,000 to $53,000, the STH cohort sent more than 12,000 BTC to Binance. Similarly, the group offloaded over 14,000 BTC onto Binance during the tariff-induced panic in early March 2025.
However, current behavior differs. Amid the ongoing rally, selling pressure from STHs remains “very moderate,” with only 8,000 BTC sent to Binance so far.
LTHs are exhibiting a similar trend. At the 2024 market peak, LTHs deposited 626 BTC to Binance, and 254 BTC before the previous top. In contrast, just 86 BTC have been deposited by LTHs during this current rally. The analyst concluded:
Whether we’re talking about STH or LTH, inflows to Binance are not concerning at the moment. However, this should still be considered in the context of current demand, which remains relatively strong for now.
Although the demand for BTC remains healthy as of now, some warning signs are starting to emerge. In an X post, noted crypto analyst Ali Martinez offered commentary on Bitcoin’s current range-bound price action, warning that if it drops below the $106,800 support level, a sharp breakdown may follow.
No Panic Selling Observed Yet
Historically, when BTC hits or approaches a new ATH, it tends to trigger a wave of profit-taking, leading to substantial selling pressure. However, this has not been observed during the current cycle.
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Recent analysis shows that both STH and LTH cohorts are sitting on elevated unrealized profits, yet there are no strong signs of selling. Additionally, exchange withdrawals are on the rise, suggesting that investors may be anticipating further price appreciation.
Another bullish indicator is the relatively low level of retail participation in this rally – often a sign that the market hasn’t yet reached euphoric conditions. At press time, BTC trades at $10,503, down 0.3% in the past 24 hours.
Featured image from Unsplash, charts from CryptoQuant, X, and TradingView.com
