According to Cryptoslate, CryptoQuant analyst Darkfost stated in a report on June 24th that Binance's monthly Bitcoin inflows have dropped to 5700 BTC, less than half of the average of 12000 BTC per month since 2020 and only 25% of the inflows during the FTX crisis at the end of 2022. In this cycle, each surge in large Bitcoin deposits corresponds to a local price peak, such as a net inflow of over 17000 coins when Bitcoin retreated from $69000 in August last year, and a net inflow of over 20000 coins when it exceeded six digits in March this year. Each surge indicates a short-term correction. Nowadays, the inflow of 5700 BTC occurs when Bitcoin is stable above $105000 and the volatility is close to the annual low. Darkfost believes that the contraction of this inflow indicates that the market is in a 'holding phase', where both individual traders and large investors choose to keep Bitcoin outside the exchange, thereby eliminating immediate selling pressure.