The CEX whale ratio has risen sharply, and the amount of BTC flowing into CEX is approaching the yearly peak. After the price rebound, whales are showing risk-averse and profit-taking behavior.

On December 6, according to Cointelegraph, the whale ratio on trading platforms has recently surged, with the combined ratio across all platforms reaching 0.47. This indicates that large holders are increasingly transferring Bitcoin to exchanges. This trend is particularly pronounced on CEX, where the 14-day exponential moving average has climbed to 0.427, the highest level since April. Increased whale deposits are often a precursor to a sell-off phase, as large institutions tend to use CEX liquidity to offload on a large scale. As Bitcoin struggles to break through resistance above $93,000, this shift implies growing selling pressure at higher levels. 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 CEX reached 8,915, approaching the yearly peak of 9,031 set on March 3. Historically, similar inflow spikes (such as in March) have often been followed by significant market pullbacks. The current surge in inflows suggests holders are actively preparing to hedge or take profits after Bitcoin’s recent rise. As the market attempts to establish itself above the $96,000 resistance level, the increasing inventory on CEX is creating a direct headwind. Until the excess supply is absorbed by the market, the upward trend may be limited.