Key takeaways:
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Since 2024, spot ETF inflows and outflows have been the strongest driver of Bitcoin’s green and red days.
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With exchange balances near multi-year lows, any sizable order travels farther through the book.
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Large holders often split trades or use OTC desks, muting visible “wallet-moved” shocks.
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Funding rates, open interest, the dollar and yields often shape the day’s direction more than any single wallet.
Everyone “knows” data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/what-are-bitcoin-whales-and-how-to-spot-them”>whales move Bitcoin ( data-ct-non-breakable=”null” href=”https://cointelegraph.com/bitcoin-price”>BTC), and they can still jolt prices.
Since spot exchange-traded funds (ETFs) arrived,…

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