Whale Binance Deposits Hit 9-Month Low of ₱177.37 billion ($2.96 billion)

Large Bitcoin holder deposits to Binance have fallen to a nine-month low, according to CryptoQuant data showing the 30-day whale inflow metric at ₱177.37 billion ($2.96 billion)—the first reading below ₱179.77 billion ($3 billion) since June 2025. The decline marks a sharp reversal from February through early March, when whale inflows consistently topped $6 billion and briefly touched $8 billion.

At the same time, long-term holders recorded a $49 billion realized cap change on April 9, while short-term holders showed a negative $54 billion swing on a 30-day basis. Exchange outflows accelerated through the first half of April, with 7,900 BTC leaving platforms on April 9 and 10 combined. Exchange reserves dropped 21% in 2024 to levels not seen since 2018, with over 600,000 BTC withdrawn following the U.S. elections. OTC balances surged 105% as supply shifted away from public trading venues.

Corporate buyers are absorbing Bitcoin faster than miners can produce it. Strategy Inc., formerly MicroStrategy, accumulated 94,470 BTC in 2026 alone using high-yield perpetual preferred equity to avoid diluting common shares. Daily miner output sits around 450 BTC post-halving, while corporate demand now runs above 1,300 BTC per day—nearly three times new issuance.

Funding rates flipped negative in early March and stayed there through April, hitting -0.0118% on April 10 and -0.0101% on April 11. Open interest climbed from $21.87 billion on April 6 to $24.37 billion four days later, suggesting traders are positioning for further volatility despite the negative carry cost.

Strategy Inc. Executive Chairman Michael Saylor described the dynamic as a reflexive flywheel, warning that 2026 may be the last year to buy below $100,000 due to tightening supply. Long-term holder supply reached 14.43 million BTC near recent cycle highs, with the 6-to-12-month dormant bands expanding steadily since late March.