The latest on-chain data for Bitcoin reveals a quiet but important change in the behavior of larger holders.

Wallets containing at least one whole BTC are sending fewer coins to Binance compared to any other moment in the current market cycle – a clear signal that selling pressure has noticeably weakened.
Historically, transfers from long-term or larger holders to exchanges have played a key role at market turning points. When these movements accelerate, it usually means preparation for selling and often appears around local or cyclical tops. At the moment, such a pattern is missing. Even though Bitcoin is trading significantly above levels from previous years, large holders are not increasing their activity toward exchanges.
This change stands out clearly when compared with earlier cycles. In the past, rising prices were often accompanied by a sharp increase in deposits to exchanges from so-called wholecoiners – a dynamic that increased supply and amplified volatility. Today, however, inflows remain strongly limited, suggesting that these participants are not in a hurry to reduce their exposure at current price levels.
From a supply perspective, this behavior is of substantial importance. Bitcoin that remains off exchanges is less likely to be sold on the spot market, which reduces immediate downward pressure on price. If demand remains stable or improves, the limited liquid supply can act as a buffer during corrections and help avoid deeper declines. Long-term trends in the data support this thesis, showing that inflows remain significantly below their historical averages instead of climbing back up.
Although reduced exchange activity from large holders does not automatically guarantee new growth, it removes a well-known obstacle. In the past, rallies often ran out of steam when large wallets began aggressively distributing their assets. In the absence of such pressure now, price movements are more likely to be driven by changes in demand rather than mass selling.
Overall, the data suggests that major Bitcoin holders feel comfortable holding their positions instead of rushing to realize profits. Historically, such an environment has been associated with more moderate declines and a market that reacts less strongly to negative news, placing greater emphasis on demand as the key driver of the next major move.