Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?
Bitcoin whales are exhibiting different behavior in exchange inflows compared to the previous cycle. The "exchange inflow" metric, tracking Bitcoin transferred to centralized exchanges, is of interest, particularly from derivative platforms. High values indicate large deposits and high demand, often associated with whale movements. However, there have been no significant inflow spikes despite breaking the previous all-time high. This could be due to the emergence of spot exchange-traded funds (ETFs), which have brought significant demand into the asset, potentially reducing the relevance of traditional cryptocurrency exchanges. This shift in behavior may explain the disappearance of previous patterns in the current BTC cycle. Bitcoin is currently trading at around $66,100, down more than 8% over the past week.
