Bitcoin (BTC) wholecoiner exchange flows have collapsed to levels not seen since 2018, signaling a structural shift in how large holders interact with the market. The decline coincides with Donald Trump’s latest signal of diplomatic coordination with Chinese President Xi Jinping over the Strait of Hormuz, adding a geopolitical tailwind to an already tightening supply picture. Wholecoiner Flows Hit Multi-Year Lows Transactions of at least one full BTC sent to exchanges have fallen sharply. On the Binance exchange, the monthly average now sits around 6,000 BTC, far below the 15,400 BTC recorded in 2021