Pretty likely Bitcoin scenario right now:

Whale ratio at 11 year highs means large holders are moving size onto exchanges. That usually precedes one of two outcomes.

Distribution into strength. Price pushes slightly higher into liquidity, late longs get trapped, then sharp downside expansion.

Controlled pullback. Short term flush to clear leverage, absorb spot demand, then structural continuation.

With 64 percent of inflows coming from top wallets, this is not retail noise. It is strategic positioning.

Expect volatility. Liquidity will be hunted before the next clean directional move.