Bitcoin whale activity just hit a 6-year high

Just saw this — the Bitcoin exchange whale ratio is now at its highest level in ~6 years.

Basically means most of the BTC going to exchanges right now is coming from large holders (top wallets), not retail.

Some data shows whales are responsible for ~60%+ of exchange inflows, which is pretty extreme.

Usually this kind of setup can mean one of two things:

• distribution (selling into liquidity)
• or positioning before a bigger move

Also interesting that retail participation is relatively low at the same time.

Full breakdown:
https://btcusa.com/bitcoin-whale-activity-surges-to-6-year-high-as-large-holders-dominate-exchange-flows/

Feels like the market is being driven more by big players again.

What do you think — distribution or accumulation?