While whales are often touted as market movers, recent data reveals that the daily direction of Bitcoin is increasingly driven by larger forces like exchange flows and investor sentiment. This guide dives into the actual drivers behind Bitcoin’s price fluctuations. 2024 saw a surge in spot ETF inflows as major investors began holding significant amounts of Bitcoin, driving price movements. The liquidity on exchanges has also shrunk drastically, with holdings concentrated in custodial wallets managed by entities like BlackRock and MicroStrategy. This reduced availability further amplifies market sensitivity to even small moves by larger players. 2025 data reveals a fascinating trend: whales often sell into strength rather than trying to pump prices, suggesting they play a less dominant role in driving long-term trends. Instead, it’s the interplay of large ETF flows and changing risk appetite that has become the most significant driver of market direction.