On December 6, according to Cointelegraph, the whale ratio on trading platforms has surged recently, with the combined ratio across all exchanges reaching 0.47. This indicates that large holders are increasingly transferring Bitcoin to trading platforms. The trend is particularly notable on Binance, where the 14-day exponential moving average has climbed to 0.427, marking the highest level since April.

An increase in whale deposits often signals the onset of a selling phase, as large institutions tend to leverage Binance's liquidity for large-scale offloading. With Bitcoin struggling to break above the $93,000 resistance level, this shift suggests intensified selling pressure above. If this trend continues, the price is more likely to consolidate or retest support before attempting another breakout.

On-chain data shows that as of November 28, the 30-day simple moving average of BTC inflows to Binance reached 8,915 coins, nearing the annual peak of 9,031 set on March 3. Historically, similar surges in inflows (such as in March) have often been followed by significant market corrections.

This spike in inflows indicates that holders are actively seeking to hedge or take profits following Bitcoin's recent rally. As the market attempts to stabilize above the $96,000 resistance level, Binance's increasing inventory presents a direct headwind. The upward trend may be capped until the excess supply is absorbed by the market.