Bitcoin deposits from mid-size investors fell across four major exchanges between September 21 and October 23, while Binance whale inflows also declined, even as BlackRock and Fidelity’s spot Bitcoin ETFs recorded positive changes in USD-denominated holdings.

The combined 7-day average of mid-size inflows to

Coinbase Advanced, Coinbase Prime, Binance, and Kraken dropped from 20,591 BTC to 11,530 BTC, a decline of 9,061 BTC (44.0%).

Coinbase Advanced led the decline, falling 3,881 BTC (55.1%) from 7,041 to 3,160 BTC.

Binance declined 2,120 BTC (41.8%) to 2,950 BTC;

Coinbase Prime fell 2,100 BTC (46.4%) to 2,430 BTC; and

Kraken dropped 960 BTC (24.3%) to 2,990 BTC.

Meanwhile, Binance's 30-day sum of whale inflows declined from $5.67 billion to $4.00 billion, a $1.67 billion (29.5%) reduction over the same period.

ETF holdings showed a contrasting pattern.

BlackRock's IBIT registered a positive $703 million reading on October 19 and another $238 million on October 21, totaling $941 million across two sessions within three days.

Fidelity's FBTC added a positive $206 million reading on October 21, bringing the two funds' combined positive readings that day to $444 million.

Conclusion:

The simultaneous decline in exchange inflows from mid-size investors and whales, alongside rising Bitcoin ETF holdings, suggests a broader pattern of reduced potential selling pressure and growing ETF exposure.

This combination may indicate a growing trend toward holding Bitcoin for a longer period.

Written by Amr Taha