The Binance Netflow (Top 10) represents the total amount of BTC moved through the top 10 transactions, capturing the inflow minus outflow to Binance. In simpler terms, this metric reflects whale activity—those large investors controlling significant portions of the market. Negative values indicate more BTC has left the exchange than entered, while positive values signal the opposite.
Looking back from November 2017 to November 2023, we saw a significant outflow of Bitcoin from Binance, signaling a period of intense whale accumulation. However, since November 2023, more BTC has entered Binance than exited, suggesting a shift towards distribution, with whales intensifying selling pressure.
One of the most intriguing aspects of this trend is that, despite the inflows surpassing outflows at certain points, Bitcoin's price continued to rise. This suggests that, while whales were accumulating during market dips, they may have been leveraging the current rally to cash in on long-term profits after holding for extended periods.
An even more striking observation is that the inflow of BTC into Binance surged after the BTC ETF launch, signaling that large traders are using this opportunity to unload their positions at higher prices. For whales, the launch of the ETF could be seen as the perfect moment to exit, capitalizing on the price rise while the spotlight is on Bitcoin's mainstream integration.
Written by joaowedson
