Analysis: The recent Bitcoin inflow to Binance has mostly originated from active wallets and short-term traders

On November 19th, based on CryptoOnchain's analysis of the Bitcoin Day-One Dominance (DOD) chart on Binance, a notable structural trend on the world's largest cryptocurrency exchange was revealed. DOD measures the percentage of Bitcoin inflows that have been held for less than a day out of the total inflow, reflecting the amount of funds flowing into Binance that are market-active "hot money." The data shows that this metric rose from approximately 70% in 2022, broke through the 90% mark in early 2025, and recently reached a historical high of close to 100% (99.9%). This significant growth indicates that almost all Bitcoin flowing into Binance is coming from active wallets and short-term traders rather than long-term holders selling off. This highlights two key points: Trading Hub: Binance has more than ever solidified its position as the primary battleground for day traders, short-term traders, and High-Frequency Trading (HFT) algorithms. Speculative Drive: This trend, in sync with the rise in Bitcoin's price, suggests that the recent volatility is mainly driven by short-term speculative funds rather than selling pressure from long-time investors.