This analysis is based on the Binance BTC inflows 30DMA, which tells the story clearly. The chart shows that inflow activity that peaked somewhere around July 2021 and has since collapsed to its leftmost edge, where the current reading is around 3,900 BTC.
For further reference, the historical average of Bitcoin inflows into Binance is 11,000 BTC, which means the figures show a market operating below its usual pace and current inflow levels are roughly three times below normal.
There is also a secondary dynamic at play, and part of the missing exchange activity can be traced to the rise of spot Bitcoin ETFs. A growing share of Bitcoin activity now flows through ETFs, reducing the visible BTC movement that analysts track on platforms like Binance.
