According to a new on-chain report shared by CryptoQuant, large holders transferred billions of dollars’ worth of Bitcoin and Ethereum to Binance last week, marking the exchange’s largest net inflow in over a month.
However, the data reveals a critical imbalance: while risk assets are moving onto exchanges, fresh buying power is notably absent.
Largest Weekly Inflow in a Month Driven by Whales
On-chain data for the week starting December 29, 2025, shows Binance recorded approximately $2.44 billion in net inflows. The bulk of this activity came from large holders depositing spot crypto assets rather than stablecoins.
The breakdown is striking:
- $1.33 billion in Bitcoin
- $1.07 billion in Ethereum
Such transfers from private wallets to centralized exchanges are typically interpreted as preparation for selling, repositioning, or using assets as collateral in derivatives markets. The scale alone suggests coordinated whale activity rather than retail behavior.
Chart Breakdown: Risk Assets Lead, Stablecoins Lag
The multichain weekly netflow chart highlights a clear divergence. BTC and ETH deposits dominate the inflow bars, pushing total exchange balances sharply higher. In contrast, stablecoin flows remain muted.
Aggregate stablecoin net inflows totaled only +$42 million for the same period—effectively flat relative to the size of BTC and ETH movements. More importantly, most of this activity reflected internal transfers, particularly USDT shifting between ERC-20 and TRC-20 networks, rather than new capital entering Binance.
USDC flows were minimal and failed to alter the overall picture.
This imbalance matters. Historically, strong spot demand and sustained rallies are accompanied by rising stablecoin inflows, which act as dry powder for buying. In this case, whales appear to be moving assets without corresponding liquidity arriving to absorb potential sell pressure.
Why the Absence of Stablecoins Matters
CryptoQuant notes that when large inflows of BTC and ETH are not matched by stablecoin deposits, market conditions can become fragile. Without fresh buying power, exchanges may struggle to support higher prices if selling pressure emerges.
The current setup suggests two dominant possibilities:
- Sell-side positioning, where whales are preparing to distribute into strength.
- Collateral deployment, using BTC and ETH to support leveraged positions rather than spot accumulation.
Either scenario implies caution, especially in the short term.
Market Signal: Activity Without Conviction
The data paints a picture of heightened activity but reduced conviction. Whales are clearly active, yet the lack of stablecoin inflows indicates hesitation to deploy new capital aggressively.
For traders, this divergence raises the risk of volatility spikes driven by repositioning rather than organic demand. For longer-term participants, it underscores the importance of watching stablecoin inflows as confirmation before assuming sustained upside.
As CryptoQuant’s report suggests, movement alone is not momentum, and until buying power returns, the market may remain vulnerable to abrupt shifts in direction.
