Recent data indicates that Bitcoin exchange deposits have been low, suggesting that large investors, known as whales, might not be interested in selling their holdings.

Ki Young Ju, founder of CryptoQuant, noted that Bitcoin inflows to major exchanges like Binance and OKX have been minimal in recent times. Exchange inflow tracks the amount of Bitcoin being sent to centralized exchange wallets.

A high exchange inflow indicates a large number of tokens being deposited for selling purposes, with potentially bearish implications for the asset. Conversely, a low exchange inflow suggests fewer deposits, which could be either bullish or neutral for the cryptocurrency's price depending on the outflow trend.

Despite Binance and OKX being among the largest exchanges globally, their low exchange inflow levels are notable. While the deposits slightly increased during Bitcoin's rise to a new all-time high, they have since dropped back to low values.

This lack of selling interest, especially from whales, is evident in the data. Even during the previous bull run in 2021, there were notable spikes in inflows, contrasting the current low levels in this cycle.

The data from past rally tops shows that large inflows coincided with market peaks, hinting that the current rally might still have room to grow. However, with the rise of spot exchange-traded funds (ETFs), the importance of traditional cryptocurrency exchanges in the market landscape might be changing.

The emergence of ETFs as an alternative investment could lead to shifts in market dynamics. Despite these changes, Bitcoin's price hovers around $70,400 at the moment, showing a 5% increase over the last week.