Bitcoin (BTC) investors appear to be choosing to hold rather than sell even as prices undergo a correction.

Bitcoin flowing into Binance fell to its lowest level since 2020, blockchain outlet The Crypto Basic reported on Monday local time.

According to a recent analysis by Darkfost, a verified author at CryptoQuant, Binance’s 30-day moving average bitcoin inflow fell to about 3,998 BTC. That is a low not seen for more than 6 years. Current deposit volumes are sharply lower even compared with typical market conditions. With a past average inflow of about 11,000 BTC, the latest reading is about three times below normal levels.

The figure suggests investors are keeping coins in personal wallets and continuing to hold for the long term rather than moving them to exchanges for immediate sale. The analysis said it is closer to a waiting phase than a bout of panic selling driven by uncertainty.

This trend differs from past periods of market instability or overheating. Typically, exchange inflows rise and selling pressure increases when the market corrects after a peak or macro uncertainty grows. But current bitcoin holders see this price weakness as a temporary phase and are placing more weight on the chance of a rebound.

Darkfost said the shift may not be explained by investor sentiment alone. He also raised the possibility that some funds that previously flowed directly to exchanges have moved through other routes. Institutional products such as spot bitcoin exchange-traded funds (ETFs) may be acting as an alternative channel, expanding a structure in which investors can gain bitcoin exposure or sell without going through an exchange.

The analysis said that with bitcoin holders watching from the sidelines until direction becomes clearer rather than immediately selling into rising volatility, the market may for now be more likely to stay near a steady path than face a sharp collapse.