According to CoinMeta, despite the continuous speculation in the market about a bull market for Bitcoin, the reserves of Bitcoin on exchanges have seen a surge. Currently, the Bitcoin reserves on Binance have reached 670,759 coins, the highest level since November 2024. Although the overall crypto market has made a significant recovery and market sentiment has turned bullish, investors are still paying attention to changes in exchange reserves. Data shows that in the past 24 hours, whales sold approximately $20.27 million and $5.25 million worth of Bitcoin in the spot markets on Binance and OKX, respectively, indicating a tendency to take short-term profits. Meanwhile, Coinbase still recorded a net buy of $12.65 million. Nevertheless, the overall spot market flow still tends to be profit-taking, and the derivatives market also shows that whales are placing large-scale bearish bets.