Bitcoin’s recent pullback is driving big holders back onto centralized exchanges, with CryptoQuant data showing a sharp rise in whale-driven inflows to Binance — even as derivatives positioning continues to unwind, signaling broad market de-risking across both spot and futures markets. What’s happening on Binance CryptoQuant contributor Darkfost (@Darkfost_Coc) highlights a notable uptick in large BTC transfers into Binance. He tracked this using a “whale inflow ratio,” which compares the sum of the 10 largest BTC inflows to total exchange inflows and is smoothed with a weekly average to filter one-off moves. Between Feb. 2 and Feb. 15 the ratio climbed from 0.4 to 0.62, meaning a much larger share of inbound BTC to Binance is now coming from a handful of very large transfers. While the metric does not prove intent, higher concentration of whale inflows is commonly interpreted as rising potential sell-side supply hitting exchange order books — a typical pattern during risk-off stretches. Darkfost also noted that at least some of the flows appear linked to a single known whale, believed to be Garrett Jin (wallet 19D5 or the “Hyperunit whale”), who has moved close to 10,000 BTC onto Binance recently. Still, Darkfost frames the trend as broader venue- and liquidity-driven behavior: multiple large holders are routing significant amounts to Binance, attracted by its depth as uncertainty causes investors to reassess exposures. Derivatives market contraction: the other half of the story The spot-side picture is being reinforced by a pronounced contraction in derivatives activity. Darkfost traced Bitcoin open interest across exchanges and found it has fallen steadily since the cycle peak and the October 10 sell-off, following an unprecedented run-up in speculative positions. He cites historical peaks on Binance of roughly 94,300 BTC after the November 2021 cycle high and roughly 120,000 BTC at the October 2025 top. Aggregate open interest across exchanges rose from about 221,000 BTC in April 2024 to 381,000 BTC at the cycle peak, then began to unwind. Notable drawdowns occurred Oct. 6–Oct. 11, when Binance open interest dropped 20.8% and Bybit and Gate.io each saw 37% declines. The contraction has persisted, with Binance open interest down a further 39.3%, Bybit down 33% and BitMEX down 24%, according to Darkfost’s reporting. What it means for the market Taken together, rising whale inflows to Binance and falling derivatives open interest paint a consistent picture: investors are cutting risk — whether voluntarily or forced via liquidations amid volatility. That environment makes a sustainable short-term stabilization and an immediate return to a bullish trend less likely, Darkfost argues. Price snapshot At press time, BTC was trading around $67,823. Bottom line The correction has pushed large holders back onto centralized venues and forced a retrenchment in futures exposure. For traders and analysts, the key signals to watch next are whether whale inflows continue to accumulate on exchange order books and whether open interest stabilizes or resumes growth — developments that will help determine whether this is a temporary de-risking or the start of a longer deleveraging phase. Read more AI-generated news on: undefined/news

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