TokenMarketCap Daily Whale Report: $24.62B Moved in 24 Hours

TokenMarketCap's chain scanner recorded 1,243 transfers above our reporting threshold totaling $24.62 billion moved across the network over the last 24 hours.

Overview of Exchange Reserve Changes

Over the last 24 hours, our balance snapshots tracked notable shifts in exchange reserves across various platforms. Binance USDT reserves rose by 123.46 million USDT ($123.4 million), representing a 0.74% change to reach 16.81 billion USDT. Concurrently, Binance ETH reserves fell by 34,419 ETH ($83.9 million), a 1.28% decrease bringing its balance to 2.65 million ETH. Other notable reserve movements include Bitfinex USDT reserves rising by 67.96 million USDT ($67.9 million) to 188.43 million USDT, and Bybit USDT reserves increasing by 23.73 million USDT ($23.7 million) to 80.48 million USDT. Meanwhile, Coinbase USDC reserves rose by 19.79 million USDC ($19.8 million) to 19.86 million USDC, and MEXC USDC reserves fell by 17.37 million USDC ($17.4 million) to 8.91 million USDC. Crypto.com saw its USDC reserves increase by 15.33 million USDC ($15.3 million) to 31.16 million USDC, while Gate.io USDC reserves dropped by 8.09 million USDC ($8.1 million) to 5.97 million USDC. In addition, Coinbase ETH reserves fell by 3,668 ETH ($8.9 million) to 20,571 ETH, Crypto.com ETH reserves rose by 2,620 ETH ($6.4 million) to 20,528 ETH, Binance LINK reserves decreased by 408,217 LINK ($5.1 million) to 25.82 million LINK, and Binance PEPE reserves increased by 1,070.15 billion PEPE ($4.4 million) to 44,080.98 billion PEPE.

Measured Whale Transfers and Flow Analysis

Our chain scan captured several large individual movements, including 53.78 million USDC ($53.8 million) transferred on Ethereum from Coinbase to an unlabelled wallet, classified as a withdrawal out of an exchange wallet. Another significant transfer involved 50.16 million USDC ($50.2 million) moved from a mint/burn address to an unlabelled wallet, followed by subsequent transfers between unlabelled wallets and deposits into Coinbase and Binance. To help readers interpret these numbers, an exchange inflow refers to digital assets moving from private or unlabelled wallets into an exchange-controlled wallet, while an exchange outflow describes assets moving out of an exchange wallet into an unlabelled destination. It is important to note that an exchange deposit is not definitive proof of selling, and a withdrawal is not definitive proof of accumulation. A deposit into an exchange wallet may simply indicate preparation for trading, participation in specific platform features, or internal rebalancing by an entity, just as a withdrawal may represent movement to cold storage, decentralized finance participation, or over-the-counter settlement.

How We Measure This

At TokenMarketCap, we read the blockchain directly via Ethereum JSON-RPC logs and Bitcoin block data. We apply publicly known exchange wallet labels to identify counterparties and track transfers that exceed our internal reporting threshold.

What to Watch Next

Will subsequent balance snapshots show these exchange reserves continuing to trend in the same direction, or will counter-flows reverse the 24-hour net changes?