The Binance whale ratio's 100-day simple moving average (SMA) climbed to 0.513 on November 6, its highest level since September 2017, according to the source. The rise came as bitcoin (BTC) fell from roughly $77,500 on October 31 to $75,800.
Whale Ratio Climbs as BTC Price Weakens
The underlying Exchange Whale Ratio nearly reached 1.0 on October 31, meaning large-holder transactions accounted for almost all measured exchange flow that day. The 100-day average then increased from 0.481 on October 31 to 0.513 on November 6. Over the same period, BTC declined 11.3% over one month while remaining 17% higher over three months.
Binance Hack Complicates the Picture
Binance suffered a hot-wallet hack on October 29, with approximately $6.2 billion to $6.4 billion reportedly stolen. That incident may have affected large transfers during the same period, so treating the rising whale ratio as straightforward evidence of deliberate selling would be premature. The available figures do not establish what those large transactions represented.
Macro Data Adds Uncertainty
US job openings reached 7.52 million in September, according to JOLTS data released November 3. The November 6 NFP report was also scheduled during this period. The dollar index stood at 101.56, roughly unchanged over one month. These macro indicators provide background but do not directly measure Binance whale activity; any connection remains speculative.
More Context Needed
One possible explanation is that transfers linked to the hack or reactions to macroeconomic data lifted the whale share, but neither explanation is verified. For now, the Binance whale ratio shows rising large-holder activity alongside a weaker BTC price. The series still needs verification, and the short observation window does not establish whether whales are selling, repositioning, or simply moving funds.
