The flow of Bitcoin on Binance from 2017 to 2023 shows a strong accumulation by "whales". However, since November 2023, the amount of BTC going into Binance has exceeded the amount going out, indicating increased selling pressure.

Interestingly, even though more BTC is coming in than going out, the price of Bitcoin is still rising. This suggests that "whales" may be taking advantage of the price surge to cash out after holding for a long time.

After the Bitcoin ETF launched, the influx of BTC into Binance surged, indicating that large traders are taking the opportunity to sell at high prices. For "whales", this could be the perfect opportunity to offload their holdings, capitalizing on market attention towards Bitcoin.