Bitcoin is showing signs of a continued bull run as whale inflows to exchanges begin to slow down this month. Data from CryptoQuant suggests that Bitcoin historically reaches its cycle peak once whale exchange transactions drop from local highs, and current trends indicate a potential bullish move in 2025.
On Feb. 12, the Whale Exchange Ratio —which tracks the top 10 inflows to exchanges relative to total inflows — stood at 0.46, near a multi-year high, up from 0.36 in mid-December when Bitcoin was trading near all-time highs. Since then, Bitcoin’s price has dipped while whale activity increased, but signs suggest the trend is losing momentum.
According to CryptoQuant analyst Grizzly, the metric has surged significantly since late 2024 but has moderated in recent weeks, hinting at a potential Bitcoin rally. Historically, when whale deposits on spot exchanges decrease, it often precedes a strong bullish phase.
Meanwhile, Bitcoin miners have returned to accumulation mode after six months of continuous outflows. This marks a bullish turning point, as similar trends in the past have signaled market bottoms. Despite miner outflows last year, research shows that institutional flows, particularly from U.S. spot Bitcoin ETFs, now have a greater influence on the market.
With whale activity slowing and miners accumulating, Bitcoin appears to be setting up for another major rally in 2025.
Source: Cointelegraph
