CryptoQuant: Bitcoin miners' CEX deposits have fallen to 8,138 records, approaching the cycle's historical low

According to on-chain data released by CryptoQuant on April 28, the number of deposits by Bitcoin miners to centralized exchanges (CEX) has dropped to about 8,138 transactions, nearing the historical lowest level within CryptoQuant’s tracking cycle; by the end of 2025, the same metric had frequently exceeded 100k transactions.

Miner Deposit Data: CryptoQuant Disclosure on April 28

(Source: CryptoQuant)

According to on-chain tracking data released by CryptoQuant on April 28, the number of deposits by Bitcoin miners to centralized exchanges (CEX) has fallen to about 8,138 transactions. CryptoQuant data shows that by the end of 2025, the same metric had frequently broken above 100k transactions.

Ki Young Ju’s Analysis: Divergence Between Futures Demand and Spot Demand

CryptoQuant CEO Ki Young Ju shared CryptoQuant charts on April 28, noting that as of April 2026, Bitcoin 30-day perpetual futures demand has returned to a positive range, while 30-day spot demand remained below zero for most of April.

Ki Young Ju said that despite massive inflows of ETF funds and ongoing corporate buying, on-chain implied demand is still negative. He also pointed out that only when spot and futures demand recover at the same time can a sustainable market-bottom structure form.

U.S. Bitcoin ETF Inflows and MicroStrategy’s Accumulation Record

According to publicly available market data, in mid-April, U.S. spot Bitcoin ETFs recorded net inflows of $786 million in one week, the highest weekly inflow record since February; the following week, the inflow amount further rose to $823 million, with BlackRock’s IBIT taking the lead.

According to a corporate announcement by MicroStrategy, the company purchased 34,164 Bitcoins for $2.54 billion, at an average purchase price of $74,395 per coin—its third-largest single purchase transaction in company history. After this transaction was completed, MicroStrategy’s total Bitcoin holdings increased to 815,061 Bitcoins.

CryptoQuant Data: On-Chain Implied Demand Remains Negative

According to CryptoQuant data, in early April, Bitcoin’s 30-day on-chain implied demand briefly approached -87,600 BTC. Ki Young Ju said this data reflects that the purchase volumes of ETFs and MicroStrategy are roughly equivalent to the selling volumes by existing holders and miners, and even lower than the latter.

On April 28, Bitcoin was quoted at about $77,500, and since April began, the trading price has continued to stay below $80,000.

FAQ

What are the exact figures for the miner CEX deposit data disclosed by CryptoQuant?

According to data released by CryptoQuant on April 28, the number of deposit transactions by Bitcoin miners to CEX was about 8,138 transactions, nearing historical lows, while by the end of 2025 the same metric had frequently exceeded 100k transactions.

What are the detailed data for MicroStrategy’s latest round of Bitcoin purchases?

According to MicroStrategy’s corporate announcement, this round involved purchasing 34,164 Bitcoins, for a total amount of $2.54 billion, at an average of $74,395 per coin—its third-largest single purchase in company history. After the purchase, the company’s total holdings reached 815,061 Bitcoins.

How does Ki Young Ju interpret the phenomenon of spot demand remaining negative in April?

On April 28, CryptoQuant CEO Ki Young Ju said that 30-day on-chain spot demand in April stayed below zero for most of the time. The purchase volumes of ETFs and MicroStrategy did not exceed the selling volumes of existing holders and miners, and he added that only when spot and futures demand recover in sync can a sustainable market-bottom structure form.