In the markets, anything can turn around. Even the absurd becomes reality. At the end of 2025, while bitcoin flirts with 93,000 dollars, small investors are abandoning exchange platforms. Binance, long their stronghold, now seems quite empty. Conversely, large portfolios are intensifying their maneuvers. A flight to ETFs for some, a strategic accumulation for others. This reshuffling could well redefine the balances of the crypto market.
Key Observations
- •Small investor deposits on Binance fall to 411 BTC per day, a historically low level.
- •ETFs attract modest investors, thus avoiding the constraints of traditional exchanges like Binance.
- •Whales are massively accumulating bitcoin, betting on an imminent bullish market reversal.
- •Micro-deposits, particularly around 0.001 BTC, illustrate ongoing crypto activity among the smallest participants.
Shrimps on the Run: Binance's Declining Appeal to Small Investors
There was a time when small investors were a dominant force on Binance. In December 2022, they deposited an average of 2,675 BTC per day. Three years later, this number has collapsed to only 411 BTC. This represents a historic low, observed despite a market experiencing significant enthusiasm.
CryptoQuant analyst Darkfost has commented on this trend:
The activity of “shrimps,” i.e., small bitcoin holders (less than 1 BTC), has dropped to one of the lowest levels ever recorded.
This disengagement can be attributed to several factors. On one hand, the simplicity of ETFs offers an attractive alternative, eliminating the need for investors to manage keys or navigate complex digital security measures. On the other hand, there is a growing weariness with volatility, stress, and the risk of hacks associated with traditional exchange platforms.
The current situation suggests a potential shift in the crypto landscape, where the initial dream of widespread crypto democratization may be fading, giving way to a greater emphasis on financial efficiency.
Whales Dance: Large Investors Make Significant Bitcoin Bets
While smaller investors are stepping back, large holders, often referred to as "whales," are increasing their activity. Data from Alphractal reveals an unprecedented phenomenon: long positions held by large accounts are experiencing a significant surge.
Joao Wedson, CEO of Alphractal, confirmed this trend on X:
The Whale vs. Retail Delta shows that, for the first time in bitcoin history, whales are so massively positioned in longs compared to retail traders.
This shift in the market's center of gravity towards larger holders is altering the market dynamic. On Binance, wallets holding between 10 and 100 BTC have recently injected more than 111 million dollars. This trend highlights the growing influence of stronger, long-term players in the market.
The market appears to be consolidating, with decisions becoming increasingly institutionalized. This transformation is fundamentally reshaping the entire cryptocurrency ecosystem.
ETFs, Micro-Deposits, and Ethereum: Data Insights
Despite the overall trend, some market segments are showing resilience. Notably, holders of 0.001 to 0.01 BTC have been active. Over the past month, these micro-investors deposited 3.88 million dollars on Binance. These investors, highly sensitive to market fluctuations, tend to trade based on rumors, prioritizing survival over long-term accumulation.
However, this occasional vitality does not obscure the broader reality. Cryptocurrency, once characterized by its festive and community-driven nature, is becoming more technical, quieter, and seemingly colder. The performance of other major cryptocurrencies like Ethereum, Solana, and Avalanche also reflects this trend, with retail flows stagnating or declining.
The increasing popularity of ETFs further confirms this shift. These investment vehicles are attracting cautious investors who are tired of the volatility and risky interfaces associated with traditional crypto exchanges. Binance and similar platforms are bearing the brunt of this change.
Here are five key figures that illustrate the changing market dynamics in 2025:
- •93,383 $: The approximate price of bitcoin at the time of this article's writing.
- •411 BTC/day: The new record low for retail deposits on Binance.
- •12%: The current share of BTC held by institutions.
- •3.88 million $: Total deposits from wallets holding 0.001–0.01 BTC over a 30-day period.
- •111 million $: Recent deposits made by holders of 10 to 100 BTC on Binance.
As small investors retreat and Binance experiences a decline in its former popularity, other market participants are stepping in. CoinShares' latest reports indicate a significant surge of 716 million dollars in crypto investments within a single week. The current rush towards ETFs is not merely a temporary flight; it signifies a new era for the market. While Bitcoin remains a dominant force, its kingdom is undergoing a profound evolution.