Binance Netflow (Top 10) measures the movement of $BTC BTC through the 10 largest transactions, reflecting the activities of whales.

A negative value indicates that BTC is leaving #Binance more than it is coming in, in contrast to a positive value. From 2017 to 2023, there has been a significant outflow of BTC from Binance, indicating accumulation by whales. However, since November 2023, the inflow of BTC to the exchange has increased, signaling distribution and rising selling pressure from whales.

Interestingly, the price of Bitcoin continues to rise despite whales selling off. The increase in inflow to Binance after the Bitcoin ETF launch indicates that large traders are selling at high prices, taking advantage of the opportunity as Bitcoin is integrated into the mainstream market.