Bitcoin has been under sustained sell pressure on Binance for 48 consecutive days, according to on-chain data from the BTC Exchange Net Flow Indicator. The bearish streak began with mild selling on April 19 and escalated into strong sell pressure by May 28. Over the period, Binance’s BTC reserves grew by roughly 39,958 BTC, from 619,529 to 659,488 — a notable buildup in exchange supply.
The numbers behind the streak
The selling peaked on June 2. That day, the daily adjusted net inflow hit +8,791 BTC, and the seven-day moving average rose to +0.844. But by June 5, both metrics had pulled back: the daily inflow fell to +1,679 BTC and the moving average compressed to +0.691. The 48-day span is the longest sustained sell streak on Binance since before the current data window, and the reserve increase is sizable.
Whales aren't calling the shots
One key finding from the on-chain analyst: whales — large Bitcoin holders — accounted for an average of 46.76% of inflows during the bear period. Their share ranged from about 35% to 66% on individual days. That’s not what you’d expect from a classic institutional distribution event, where whale activity often dominates. The analyst concluded that Binance inflows are unlikely to be primarily driven by Bitcoin’s largest players. This suggests the sell pressure is more decentralized across smaller holders or traders.
Entering an uncertain phase
Both the seven-day moving average and the daily flows have now begun to decline. The analyst described the current state as an uncertain phase — the strong, sustained selling has eased, but there’s no clear signal of a turnaround yet. It’s worth noting that an accumulation signal was observed on March 14, just before this sell streak kicked off. That signal marked a period when inflows were low, often a precursor to price moves. Whether the current decline in inflows similarly precedes a shift remains an open question.
At the time of writing, the price of Bitcoin is around $61,073, down 0.9% on the day. The market is watching whether the sell pressure continues to fade or if it’s just a brief pause in a longer distribution phase.
