Bitcoin (BTC) large holders on the Binance exchange are sending a bullish signal to the broader cryptocurrency market.

According to an update from CryptoQuant, an on-chain analytics platform, the volume of Bitcoin inflows from whales has dropped to about $3 billion.

Cryptocurrency market behemoths, commonly termed "whales," are a subject of constant interest, especially when considering the recent surge in Bitcoin (BTC) price towards its all-time high (ATH).

New highs in sight?

The volume of Bitcoin (BTC) being sent to the Binance exchange by large holders, also known as "whales," has dropped to about $3 billion, according to an update from CryptoQuant, an on-chain analytics platform.

This is a bullish signal as it signifies that these big Bitcoin traders, or whales, are massively accumulating the coin, the analysis firm stated.

The analysis

According to CryptoQuant, this marks a shift from previous patterns, when whales sent Bitcoin to exchanges such as Binance when they planned to sell during periods of high price margin.

"Usually, when the price rises, whales send coins to exchanges to sell. For example, around August 8, the volume of inflows was high at $7 billion-$8 billion. However, today, these inflows are just around $3 billion and are continuing to decline, suggesting that these whales prefer to keep holding.”

The Bitcoin price was trading at $110,348.60 at press time, representing a 1.52% increase in the last 24 hours. This places BTC less than 2% away from flipping its all-time high (ATH) of $111,970 in May 2025.

Despite the spike in price, Bitcoin whales are not depositing on the Binance exchange, which implies that these large holders are not planning to sell just yet.

A strong bullish signal from Binance whales!

“Today, however, inflows are just around $3 billion and are continuing to decrease, suggesting that these whales prefer to keep holding.”

By @Darkfost_Coc

Full analysis 👇https://t.co/T1FlLnM4nK#bitcoin #btc #crypto #cryptocurrency #binance #whales #quant #quantanalysis pic.twitter.com/O3XrqhAyEc

— CryptoQuant (@cryptoquant_) August 15, 2024

This suggests that they anticipate further price increases in the current market rally of the leading digital currency.

Generally, when whales refuse to sell during periods of price spikes, it indicates huge confidence in the asset’s potential to record more gains. This development also places less downward pressure on price, which fuels the bullish rally even more.

Can Bitcoin price hit $120,000?

Interestingly, about 10 days before Bitcoin posted its current ATH of $111,970, Bitcoin whales moved $50 million worth of the coin from the Binance exchange. The bullish behavior might be in play again, but this time, whales are choosing to hold onto their coins.

With current market dynamics, Bitcoin has a high chance of setting a new ATH. The development has set the broader crypto space buzzing with predictions. Some expect Bitcoin to soar to a new high of $120,000 in the coming days.