Small Bitcoin holders are sending coins to Binance at the fastest rate in six months, while whales are moving in the opposite direction, according to on-chain researcher Darkfost. Retail deposits to the exchange, measured on a 30-day basis, have almost doubled from $5.5 billion to $10.75 billion as BTC holds above $80,000. Whale inflows to Binance have dropped by about 36% over nearly two months, falling from $5.9 billion at the end of August to $3.8 billion. The data suggests retail investors are using Bitcoin’s first rebound after a year-long decline to sell at better prices. Whales show no sign of distributing at current levels. Whether large holders stay patient if prices rise further will be a key signal for the market.

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