The influx of Bitcoin exchanges over the past month has been driven almost entirely by newly moved supplies, minimizing long-term engagement from holders.
Almost three-quarters of all daily deposits across major exchanges consisted of coins that had last moved 24 hours ago, referring to high-frequency rearrangement activities rather than strategic distribution.
This type of churn is dominated by recent output and large transactions, suggesting a large portion of the short-term sell-side pressures leading to liquidity or inventory management rather than wider yield among long-term participants.
The advantage of ultra-fresh supply is consistent across the dataset. On average, coins under 24 hours accounted for 75.3% of all daily inflows from April 6th to May 6th. The highest daily reading occurred on May 6th, when this bracket represented 86.2% of all influx.
Another spike in the short-term coin movement appeared on May 3, when the age band for the 1-7 days skyrocketed to 44.3%. This was the only day in the sample, but even so, recently, the Coin movement outweighed the same day’s departure.
Despite these variations, the comprehensive pattern remains unchanged. Most of the influx is driven by newly minted or recently circulated coins, rather than old or untouched retention.
Meanwhile, long-term holders exhibit little activity during this period. Coins for over a year peaked at 7.6% on April 10, consisting of just 0.7% of the inflow over a year, but others are below 1%. This lack of participation from the old supply indicates that deep pocket holders continue to exercise patience and choose to retain rather than exploit recent price strength. Their absence also limits the possibility of a sudden surge in exchange-based supply, which can focus on price action in the short term.
The nature of the influx is further clarified by examining the value distribution of these sediments. Transfers between 100 and 1,000 BTC accounted for the dominant share of daily value, reaching 67.8% on May 3, an average of 47.8% over the past week.
Supporting this, the 1,000-10,000 BTC band recorded a prominent 30.5% spike on April 29, and a prominent 30.5% spike on April 29, and one over 10,000 BTC transfers on April 25, contributing to 2.1% of that daily volume, but increased from an average share of 7.9% in early May to 10.7%. Such large-scale movements are rare and may represent internal rebalancing or cross-platform transfers rather than simple liquidation.
In contrast, retail activity appears to be minimal. Inflows below 1 BTC averaged only 3% over the entire period. This low figure reinforces the idea that current exchange activities are driven primarily by institutional actors, rather than small traders and ground swells of panic sales. It also highlights the continued separation between retail sentiment and market structure, as price volatility continues to be shaped primarily by large movements rather than grassroots involvement.
When age and value are combined, a clear pattern emerges. The overwhelming share of exchange deposits comes from coins that have moved within the same day, and those deposits are delivered in increasingly larger batches. This freshness and convergence of scale refers to automation or desk-based activities such as arbitration, liquidity provisioning, ETF-related demands. This behavior differs from the top or panic-driven phases of past markets where older supply resurfaces and smaller holders dominate the outflow patterns.
The sustained absence of old coins suggests that long-term holders have not seized recent price movements as an opportunity to leave. Instead, exchange deposits remain structurally tied to the professional cycle. Also, the advantage of block size transfers means that sustained price fluctuations are likely to require confirmation through deeper changes in coin age distributions or increased retail size flows.
Finally, the reappearance of the large whale-sized influx in early May continued to cause changes in the Bitcoin derivatives market, including increased open interest and direction. The expansion of the 1,000-10,000 BTC brackets could be an early indicator of strategic real locations or future mass trading, especially as ETF flows and institutional benefits continue to dominate the spot volume.
The influx of post-bitcoin exchanges indicates heavy institutional activity, virtually no sales were first sold on Cryptoslate.
