Whale activity on Binance picked up sharply as Bitcoin stayed under pressure. Between Feb. 2 and Feb. 15, the share of large Bitcoin transactions in total exchange inflows climbed from 40% to 62%. That shift suggests major holders are becoming more active during the pullback, with coins moving onto the exchange at a pace that could add selling pressure.
CryptoQuant analyst Darkfost said the correction is testing every class of participant, from retail traders to whales and institutions. The metric tracks the share of BTC inflows represented by the 10 largest transactions, and it uses a weekly average to smooth out isolated transfers. The point is not one transfer alone. It is the broader pattern of large holders repositioning during a volatile stretch.
Nearly 10,000 BTC linked to Garrett Jin
A sizable part of the recent inflow appears tied to Garrett Jin, also known as 19D5 or the “Hyperunit whale.” According to Darkfost, Jin moved close to 10,000 BTC onto Binance. Other whales have also raised their inflows, with Binance attracting that activity because of its deep liquidity and the uncertainty hanging over current market conditions.
Large transfers from wallets to a centralized exchange are closely watched because they can signal preparation for spot sales or a broader adjustment in exposure. In a weak market, that interpretation tends to carry extra weight. Big holders move first, and the market tends to react quickly.
Derivatives open interest keeps shrinking
The spike in whale inflows is happening alongside a contraction in Bitcoin derivatives. Darkfost said exchange-wide open interest has fallen sharply since the last all-time high and the Oct. 10 sell-off. Rather than adding leverage, traders appear to be cutting risk, closing positions, or being forced out during heavy volatility.
From Oct. 6 to Oct. 11, Binance open interest fell 20.8%. Bybit and Gate.io each posted declines of 37%. Since the cycle peak, Binance, Bybit, and BitMEX have continued to record notable monthly drops in open interest, a sign that exposure across the market is being reduced over time.
Put together, the signals are hard to miss: whale inflows to Binance are rising while derivatives positioning is shrinking. Darkfost said that under these conditions, it is difficult to see Bitcoin achieving durable short-term stability and restarting a bullish trend.