Bitcoin Hovers Below $110K as Whales and Mid-Tier Investors Make Moves
Bitcoin’s price action has been oddly quiet lately. After flirting with recent highs, it’s now lingering just under $110,000—currently sitting at $106,841, down a slight 0.4% in the past day. Not exactly a crash, but not exactly thrilling either.
The asset did touch $107,884 earlier, but since then, it’s been stuck in a tight range. Traders seem to be waiting for something, though it’s unclear what. Maybe fresh momentum, maybe a catalyst. For now, things feel stagnant.
But under the surface, there’s more going on. A new analysis by CryptoQuant contributor “oinonen” suggests Binance, one of the biggest crypto exchanges, is seeing some interesting shifts in who’s moving Bitcoin—and how much.
Mid-Sized Wallets Are Outpacing Whales (Most of the Time)
The data shows wallets depositing between 10 and 100 BTC now make up 40% of all Bitcoin inflows on Binance. That’s a big chunk. These aren’t retail traders—they’re likely high-net-worth individuals, smaller institutions, or trading firms. Call them the middle class of crypto investors.
Whale-level deposits (100–1,000 BTC) are still happening, but they account for just 20% of inflows right now. So the mid-tier crowd seems to be driving more of the action lately.
That said, whales haven’t disappeared entirely. On June 16, a single 10,000 BTC deposit flooded Binance, making up 83% of that day’s total inflows. Moments like that remind everyone the big players are still around. In fact, CryptoQuant’s whale ratio metric suggests whale activity has jumped 400% since mid-2023.
Are Institutions Finally Warming Up to Bitcoin?
Binance’s deposit sizes are getting bigger, too. The average Bitcoin deposit climbed from 0.36 BTC in 2023 to 1.65 BTC this year. That’s not nothing. And the exchange pulled in $21.6 billion in user deposits in 2024—40% more than the next ten exchanges combined.
Some of this could point to growing institutional interest. But the real story might be the balance between whales and mid-tier investors. When both groups are active, the market tends to feel less lopsided. Whales can move prices, but mid-sized wallets provide steadier liquidity.
Right now, Bitcoin’s price isn’t doing much. But if these on-chain trends keep up, they could hint at where things go next. Whether that’s up or down, though, is anyone’s guess.
*Chart from TradingView*
