Bitcoin deposits under 1 BTC to Binance drop 90% from 2019-21 peak, averaging 281 BTC in Nov 2024
The 30-day average of Bitcoin deposits smaller than 1 BTC to Binance fell to 281 BTC on November 3, 2024, a 90% decline from its peak of 2,700 BTC during 2019-21. This metric tracks only a specific category of exchange deposits and does not represent all retail Bitcoin activity. The average briefly rose after the FTX collapse in early 2023 and fluctuated around market peaks in 2024. The decline may be influenced by the launch of U.S. spot Bitcoin ETFs in January 2024, which offer an alternative way for investors to gain Bitcoin exposure without direct custody. However, deposit figures and ETF activity are separate measures, and the exact reasons for the drop remain unclear.
The 30-day average of Bitcoin deposits smaller than 1 BTC to Binance fell to 281 BTC on November 3, 2024, a 90% decline from its peak of 2,700 BTC during 2019-21. This metric tracks only a specific category of exchange deposits and does not represent all retail Bitcoin activity. The average briefly rose after the FTX collapse in early 2023 and fluctuated around market peaks in 2024. The decline may be influenced by the launch of U.S. spot Bitcoin ETFs in January 2024, which offer an alternative way for investors to gain Bitcoin exposure without direct custody. However, deposit figures and ETF activity are separate measures, and the exact reasons for the drop remain unclear.