The recent Bitcoin rally, driving the cryptocurrency near $37,000, has seen a shift in market dynamics as whale inflows to exchanges decrease and retail investor receipts rise. CryptoQuant's Exchange Inflow – Spent Output Value Bands metric reveals that large whale addresses have been on a decline, while individual retail investors have increased. This suggests that whales maintain a resilient strategy amid the price rally, while retail players capitalize on gains.

Spot volumes are currently at historic lows, with derivatives reaching record highs relative to spot trading. The current spot-to-derivatives volume ratio stands at 0.06, indicating that spot volumes constitute only 6% of market volumes, while derivatives represent 94%. Blockchain intelligence platform Glassnode also confirms a growing tightness within the Bitcoin supply, as existing holders become increasingly unwilling to part with their holdings.