On-chain data shows whales are sending their Bitcoin from spot exchanges to derivatives, indicating that they are building up their positions. Bitcoin Whales Build Up Their Positions On Derivative Exchanges As pointed out by a CryptoQuant post, Bitcoin whales seem to be moving their crypto from spot exchanges to derivative exchanges. The relevant indicator here is the “all exchanges to derivative exchanges flow mean,” which shows the total amount of coins being transferred from spot exchanges to derivative exchanges. When the value of this metric shows continuous high values, it means a lot of Bitcoin is being regularly moved to these derivative exchanges, which may hint that whale activity has been going on. Low values would imply not many coins are moving in this direction, and could either be staying still, or be rather going the opposite way: from derivatives to spot. Now, here is a chart that shows the trend that this indicator has followed over the last couple of years: The BTC all exchanges to derivatives flow mean vs the price | Source: CryptoQuant The above graph has different regions marked based on whether whales seemed to be accumulating at that time or not. Related Reading | Despite New ATH, Bitcoin Exchange Reserves Continue To Decline The green regions were when the price was mostly moving sideways and the indicator had the whales sending a lot of BTC to derivatives. Following these periods...