Darkfost2026-05-03

Whale Inflows activity resurface as Bitcoin pushes higher

Since February 6, Bitcoin has posted a performance of around +32%, largely driven by derivatives market dynamics. However, the macroeconomic environment has not materially improved in recent months. The escalation of the conflict and prolonged tensions around the Strait of Hormuz have led to a sharp rise in energy prices, fueling additional inflationary pressures. In this context, the Federal Reserve has decided to keep interest rates unchanged, maintaining a cautious stance. Despite this market uptrend, whale activity remains elevated, particularly on Binance. A first episode of stress occurred on February 14, with the whale inflow ratio reaching 0.64 while BTC was trading below $70,000. A similar move was observed again on March 13, with the ratio rising to 0.61. More recently, this ratio has increased from 0.40 to 0.51, signaling renewed whale activity as the price moves higher. This does not necessarily imply an immediate increase in selling pressure. The metric captures flow concentration by comparing the top 10 largest transactions to total inflows on Binance. As such, it reflects the intensity of large player activity rather than clear directional intent. Nonetheless, this type of behavior warrants close monitoring, given the potential impact these participants can have on market structure.