Whale activity on Binance has changed. From November 2017 to November 2023, there was a significant outflow of BTC, indicating hoarding by whales. But since November 2023, more BTC has started flowing into Binance, indicating distribution and increased selling pressure.

Interestingly, even with the increase in inflow, the price of Bitcoin continued to rise. This could mean that the whales used the market downturns to accumulate and are now realizing the profits.

The spike in BTC inflows following the ETF launch is particularly noticeable, indicating that large traders are using the moment to sell at higher prices, taking advantage of attention to Bitcoin's mainstream integration.