Bitcoin is exhibiting signs of a potential bull run as whale inflows to exchanges appear to have plateaued this month. Data from the on-chain analytics platform CryptoQuant suggests that the 30-day simple moving average of the Whale Exchange Ratio has risen to 0.46, nearing multi-year highs. Historically, this metric indicates that a downturn in whale deposits often precedes bullish rallies in Bitcoin's price. Although there has been a recent uptick in whale activity since late 2024, its momentum appears to be slowing. Additionally, the support level for large-volume investors is just under $90,000—a critical threshold they have held for over three months. Meanwhile, miners are also at a crucial turning point with a recent shift in wallet outflows. This latest development follows an extended period of miner outflows and could signal a local market bottom. Overall, the increasing whale activity combined with miner movements could provide a foundation for a fresh bullish phase in Bitcoin's market.

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