- Fish and shark wallets are now driving Bitcoin inflows as price volatility rises.
- Whales remain inactive, averaging just 70 BTC in daily exchange transfers.
- Active Bitcoin addresses drop to 986K, signaling weak on-chain engagement.
Bitcoin inflow activity to centralized exchanges is climbing sharply, led by mid-sized holders offloading significant BTC volumes. While whales remain largely inactive, fish and shark wallets are intensifying sell-side flows as price volatility returns.
Retail and Mid-Tier Sellers Drive Inflows Higher
Shrimp addresses holding under 1 BTC have offloaded 480 BTC per day in April, leading to retail sell pressure. Crabs, with 1–10 BTC, added another 102 BTC daily to exchanges. These trends were attributed to rising volatility and risk rotation as markets shift from peak highs.
Fish wallets (10–100 BTC) are now contributing 341 BTC per day in inflows, while sharks (100–1,000 BTC) averaged 402 BTC. Whales holding over 1,000 BTC remain muted, transferring only 70 BTC daily, just 9% of what shrimp are moving. This disparity suggests restrained large-holder sentiment despite recent market pullbacks.
New Sell Phase Emerges After April Price Peak
According to the report by Cointelegraph, exchange inflows surged across most wallet categories following Bitcoin’s rise above $84,000. The visualized data highlights dense bar clusters for fish and shark wallets, marking the strongest inflow pressure since early 2024. This transition coincides with Bitcoin’s sharp intraday corrections this April.
The report outlines that while whale wallets have refrained from large exits, mid-tier holders are actively distributing into rallies. The inflow age/value bands show consistent sell activity from younger UTXOs, while long-term holder movements remain minor. This composition signals tactical de-risking rather than broad market exit.
Active Address Drop Signals Lower Network Engagement
Daily active addresses fell to 986,000 this week, down from 1.3 million in early 2024. Despite Bitcoin reclaiming an uptrend, on-chain participation remains structurally weaker. Address counts peaked during the last bull run but failed to scale alongside recent price recovery.
From mid-2024 onward, active usage repeatedly dropped below 900K, marking subdued transactional engagement. Network behavior now points to fewer, high-volume actors controlling the flow. This disconnects between price action and user activity reinforces the trend of decreasing organic demand amid broader exchange-driven flows.
