Over the past thirty days, Bitcoin whales have transferred approximately $3.27 billion worth of BTC to Binance, marking the lowest level of whale inflow since November 2024, according to data provided by CryptoQuant. This decline suggests a reduced sell-pressure from major holders, which typically strengthens price resilience as fewer coins enter exchange order books.

CryptoQuant analyst JA Maartunn highlighted that during the rallies in March and November 2024, whale inflows peaked above $6.17 billion and $8.44 billion respectively. These high points were followed by sharp corrections, as whales sold their assets at elevated prices to secure profits. The current subdued level of whale deposits indicates a shift in strategy among these large holders, who now seem inclined to keep their holdings off-exchange. This could involve moving BTC into cold storage or engaging in over-the-counter transactions, thereby reducing the visible supply within the market.

The market is consequently experiencing tighter liquidity conditions. With lower sell-walls appearing on Binance, there is more room for upward price movements, a scenario that traders often interpret as favorable for bullish trends.

From a pricing perspective, Bitcoin recently reached around $104,000. This upward movement was supported in part by the absence of large-scale sell orders. According to last week’s CryptoQuant data, \"new Bitcoin whales\" are holding the majority of the circulating capital. These whales purchased Bitcoin at an average cost of $91,922, indicating their potential target for selling at significantly higher prices.

Nevertheless, broader macroeconomic factors continue to play a critical role in determining market direction. Decisions by the Federal Reserve, regulatory changes, and geopolitical developments can lead to abrupt increases in supply. Additionally, on-chain indicators reveal that long-term holders are accumulating more Bitcoin, a pattern that usually precedes extended upward price movements, as it removes coins from the circulating supply.

Despite the current reduction in whale activity, it does not ensure continuous price increases. Sentiment among retail investors, derivative market positioning, and institutional investment flows can reintroduce volatility into the market.

Ultimately, the six-month low in whale inflows to Binance reflects cautious optimism among large holders. If whales sustain this cautious approach, Bitcoin might stabilize above $100,000. However, market observers will monitor any change in whale behavior as an early indicator of shifting investor sentiment.

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