Is 'whale' activity on BTC still a thing to track, or just noise now?

Been looking at some on-chain metrics for $BTC lately, specifically the larger wallet movements, what some folks call 'whale' activity. Used to hear a lot about it during earlier cycles, like how big transfers to exchanges could signal dumps, or movements off exchanges could signal accumulation.

But honestly, with institutions getting more involved and the overall market cap much larger, is tracking this still a relevant edge? Or has it just become more noise than signal now? Curious how others in here think about it.