Bitcoin is trading around $65K, but Binance whale activity remains elevated.

CryptoQuant’s Exchange Whale Ratio measures how much of total exchange inflows comes from the largest deposits. The latest reading is around 0.5, meaning large holders continue to represent a significant share of BTC flowing into Binance.

What stands out is the structural shift. During much of 2022–2023, the ratio frequently stayed near 0.2–0.3. Since 2024, however, the baseline has moved higher, with readings around 0.4–0.5 becoming increasingly common.

This does not mean whales are necessarily selling. Exchange inflows indicate BTC becoming available for trading, not confirmed execution.

Still, elevated whale participation matters while Bitcoin struggles around $65K. If the ratio remains high as price approaches resistance, potential sell-side pressure deserves attention.

For now, the key question is simple: can the market absorb large-holder inflows without losing the $60K–$65K region?

Written by XWIN Japan