A structural change has been observed in Bitcoin, which has recently been highlighted in stock market flow data. It was reported that the inflows from medium-sized investors in Bitcoin, which continues its horizontal course above $ 66,000, especially on the Binance exchange, dropped to levels not seen since 2017. This development points to a significant change in the strategies of players who follow the crypto market closely.
Mid-Size Investors’ BTC Inflows to Binance Dropped Sharply
BTC entry charts of the Binance exchange, separated by investor size, show a clear change in the behavior of investors in the professional and middle segments. While mid-sized investor inflows were at 12,600 BTC on February 6, this amount decreased to approximately 2,990 BTC on February 22. This table, which stands out as the lowest BTC deposit tendency in the last seven years, is attributed to the change in investor behavior, although the prices did not experience a sharp decline. Previously, a similar figure was last seen in November 2017. Such sharp entry decreases generally indicate that the desire to sell has decreased or the tendency to hold has increased.
Historic Peak in Short-Term Investor Stress
On the other hand, the STH MVRV Z-Score metric, which measures the loss incurred by short-term investors, is in the bottom region. This indicator reveals the level of extreme stress of investors who have recently purchased by comparing their unrealized profit and loss trends with historical averages. As of February 22, this score remains deep in the historical negative range at -2.26.
In the past, periods when short-term investor losses became this pronounced were generally seen in the final stages of the correction process. In particular, a score approaching this level in April 2025 coincided with the time period when Bitcoin formed a local base. The fact that the current level is even more negative highlights the extent of current stress.
Structural Developments and Concurrent Dynamics
It is reported that two separate dynamics are developing simultaneously in the Bitcoin ecosystem. First, the rate at which mid-sized investors deposit BTC to Binance has decreased significantly. The second is that unrealized losses of short-term investors have reached historical peaks. Generally, when these two indicators occur together, it indicates that investors with no resistance in the market have already reduced their positions. This situation was observed towards the end of correction phases in past cycles.
It is stated that these developments do not mean an approaching bottom, but provide an important picture of the market environment. The fact that prices are maintaining their course above $66,000, combined with the structural indicators above, strengthens the signals of volatility and investor psychology.
How the social psychology of investment and the flow of BTC in the stock markets will change in the coming days stands out as one of the main topics of uncertainty in the market. All eyes will be on whether mid-segment investors will re-engage and whether short-term investor stress will ease.
The data indicate that Bitcoin is under high stress but has entered a behaviorally different process. Although the possibility of stability appears to increase in such an environment, there is no definitive confirmation.
In short, the Bitcoin market has entered a new process in terms of both investor behavior and perception, especially with the movements of middle segment and short-term participants.
