Bitcoin whales have transferred a modest $3.27 billion in BTC to Binance over the last month, the lowest amount since November 2024 as reported by CryptoQuant. This decrease indicates a reduced selling pressure from significant holders, which typically results in stronger price stability as fewer coins are introduced into exchange platforms.

During the rallies in March and November 2024, whale inflows peaked above $6.17 billion and $8.44 billion, leading to notable pullbacks due to whales securing profits at higher levels. Currently, the subdued whale deposits suggest that holders are opting to either retain or move their coins to offline storage or over-the-counter markets, reducing the visible circulating supply.

The decreased liquidity in the market, particularly on Binance, paves the way for potential price surges, which traders interpret as a positive signal. Despite Bitcoin's recent climb to around $104,000, the support for the rally was seen as sell orders from large holders did not materialize. The presence of 'new Bitcoin whales' holding the majority of capital bought at an average price of $91,922, possibly aiming for higher selling prices.

While the subdued whale activity indicates a more stable market, other factors such as retail sentiment, derivatives, and institutional flows can introduce volatility. The reduced whale inflows on Binance reflect a cautious optimism among major holders, potentially leading Bitcoin to establish a stronger position above $100,000. Nonetheless, monitoring any changes in whale behavior remains crucial to anticipate shifts in market sentiment.