Whales still move prices, but ETF flows, exchange liquidity, and macro shifts now decide Bitcoin’s daily color.
Since 2024, spot ETF inflows and outflows have been the strongest driver of Bitcoin’s green and red days.
With exchange balances near multi-year lows, any sizable order travels farther through the book.
Large holders often split trades or use OTC desks, muting visible “wallet-moved” shocks.
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