Bitcoin whales holding 100 to 1,000 BTC dumped 67,000 coins on July 13, the deepest selling since February, yet Binance and Coinbase inflows keep shrinking.
Upbit’s Bitcoin netflow reading fell 2,004% against its recent baseline this week. Not a typo, per CryptoQuant. Coins are leaving that venue faster than the chart can hold them.
The bigger number sits with the mid-sized holders. Wallets holding 100 to 1,000 BTC pushed out roughly 67,000 coins on July 13, their heaviest distribution in nearly five months, according to a CryptoQuant QuickTake by contributor Amr Taha. This bracket had been the loudest buyer in the market not long ago.
Binance took in about 2,800 BTC the same day, a lighter intake than its mid-June pace. The sellers are somewhere. The deposit addresses are not really seeing them.
Source: CryptoQuant, BTC accumulation vs distribution by cohort
The Sellers Showed Up, the Coins Did Not
That gap is the story. Distribution this heavy from a whale bracket usually floods exchange wallets, and this time inflows stayed muted while stablecoin liquidity on Binance sits idle and refuses to buy. Somebody is selling without using the front door.
Coinbase Prime received near 1,690 BTC, close to its late June rhythm, Taha wrote. Coinbase Advanced ran hotter, around 3,170 coins. Still below its recent local peaks though.
The last time this cohort sold this hard was mid-February. Distribution back then reached about 47,000 BTC before it exhausted itself. Price rebounded in the weeks after, which is the part traders keep bringing up now.
Source: CryptoQuant, BTC exchange inflow structure by mid-size investors
A 159,000 BTC Mood Swing
Rewind to April 25 and these same wallets were hoovering up coins, more than ninety-two thousand of them in a single stretch. Buying that aggressive showed up near local price highs in January too. Taha does not call the current reading a bottom signal. He calls it a shift.
A second CryptoQuant read, published by CryptoOnchain , frames the whole week as a global spot exodus. Overall exchange netflows dropped 172% against baseline over seven days. Coinbase alone plunged 434%.
Add the April peak to the July trough and the cohort swing clears 159,000 BTC. Bitcoin has other fights running this week, none of which explain the flows.
The Coiled Spring Nobody Is Pricing
Price has not responded to the scarcity, and CryptoOnchain thinks he knows why, that is to say the money itself is leaving. Stablecoin supply is being burned at a structural clip while stablecoin netflows average negative $169 million. Purchasing power is getting destroyed faster than coins get withdrawn.
He called the setup a coiled spring. Shrinking exchange reserves plus contracting fiat liquidity equals a compressed, illiquid market, per the analysis. Once new stablecoin minting resumes, the thinned-out supply could amplify whatever directional move comes next.
Source: CryptoQuant, Bitcoin spot scarcity and stablecoin burns
Neither QuickTake confirms a market bottom. The February episode took weeks to resolve, and this one is bigger. Binance intake that Sunday, again, came in under three thousand coins.
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