CryptoQuant dropped fresh data that’s got Bitcoin traders pretty nervous. The Exchange Whale Ratio climbed to levels not seen since early 2025, when Bitcoin took a massive hit. The data shows whale addresses have been quietly moving massive amounts of Bitcoin to exchanges over the past week. Some traders think the whale ratio spike might just be temporary noise rather than a real trend shift. Binance reported trading volumes jumped significantly as the whale data circulated, with customer inquiries about Bitcoin’s future spiking.