Whale Activity on Binance Surges 400% Since 2023
According to a recent report shared by CryptoQuant, whale activity on Binance has risen sharply since 2023, reinforcing the platform’s dominance in the digital asset market.
Founded in 2017 by Changpeng Zhao (CZ), Binance has grown into the industry’s largest exchange, offering trading, staking, futures, and a proprietary blockchain ecosystem centered around BNB and Binance Chain.
Whale Ratio Soars 400%
CryptoQuant’s whale ratio metric—which measures the proportion of large-holder inflows relative to total inflows—has shown a remarkable increase. The indicator bottomed at 0.08 in mid-2023 and has since surged to 0.77 in 2024 and 0.76 in 2025. This reflects a 400% increase in the whale ratio over the past two years and a staggering 863% surge from the bottom to peak.
The escalating presence of whales suggests that large investors are increasingly comfortable using Binance as their primary platform—bolstering liquidity and deepening its institutional relevance.
Users Resist Selling Amid High Volatility
Despite heightened market volatility in 2025, Binance users—both retail and institutional—have shown a strong preference for holding assets. The report notes that Bitcoin inflows to Binance have dropped to cyclical lows, even during market turbulence. Instead of selling into price swings, users appear to be positioning for further spot price upside, reflecting long-term conviction.
Meanwhile, activity in higher beta altcoins remains robust, signaling sustained risk appetite across the exchange’s user base.
Outlook: Whale Momentum Reinforces Binance’s Market Leadership
With its scale, liquidity, and comprehensive ecosystem, Binance remains well-positioned to retain its market leadership, assuming a stable regulatory and competitive landscape. The continued rise in whale presence serves as a key pillar of support for the platform’s near-term dominance.
As institutional and high-net-worth participants lean further into Binance’s services, the exchange’s influence over price discovery and market flows is likely to grow even stronger.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
