Since 2024, spot ETF inflows and outflows have emerged as significant drivers of Bitcoin's price movements, overshadowing the influence of whale transactions. With exchange balances at multi-year lows, executing large orders takes longer, often requiring division or OTC execution to minimize market impact. While whales can affect prices, they seldom dictate outcomes, as factors like funding rates, open interest, and macroeconomic conditions play a more substantial role in daily price trends. Large holders typically sell during strong rallies, capping upward momentum, while ETF flows and liquidity levels remain pivotal market drivers.