Bitcoin whales started duplicating a traditional bull signal as they took BTC long places off the table after a year of decreasing general market direct exposure.
Bitcoin (BTC) whales are “aggressively” reducing long exposure as a classic bull signal reappears.
Key points:
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Bitfinex whales are rotating out of BTC long positions — something that preceded major price gains in the past.
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A Wyckoff-style “spring” bottom should come next before a major reversal, analysis says.
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Whale holdings drop by around 220,000 BTC in 2025.
Bitcoin whales trigger six-figure BTC price target
Data from TradingView reveals that whale long positions have started dropping after hitting a peak of 73,000 BTC in late December.
Bitcoin whales are considered to be the “smart money” among the investor base, and traders monitor their actions for clues about future price trends.
History shows that whales closing out longs after a local peak tends to precede BTC price upside.
“Bitfinex whales are aggressively closing $BTC longs, a signal that historically precedes massive volatility,” commentator MartyParty observed in an X post on the topic Saturday.
“Last time this ‘unwind’ happened in early 2025, Bitcoin was stalling at $74k.”
MartyParty used the Wyckoff method to put whale shifts into context. In April last year, the start of a downtrend in longs almost exactly coincided with BTC/USD hitting sub-$75,000 lows, which remain in place.
This swing low, known as the “spring” in Wyckoff analysis, marks the start of a new uptrend.
“The flush cleared leverage and ignited a 50% rally to $112k in just 43 days,” the post continued.
“With $BTC currently consolidating near $91.5k, a similar fractal move targets $135k+.”
”Maturing” BTC price cycle sees whales pull back
Taking a look back over the past year, onchain analytics platform CryptoQuant shows that overall, whale holdings have decreased by over 200,000 BTC.
Related: Bitcoin RSI hints at $105K BTC price rebound as bull signals multiply
At the same time, smaller investor classes have upped their exposure, signalling what CryptoQuant calls a “maturing market cycle.”
“Overall, Bitcoin seems to be transitioning from a cycle dominated by whale-driven accumulation into a phase supported by a wider base of investors,” contributor CryptoZeno wrote in a “Quicktake” blog post.
“This type of shift is often seen in maturing market cycles, where volatility remains part of the landscape, but the long-term trend gains stability as ownership becomes more distributed and aligned with structural demand forces.”
At the start of January, CryptoQuant argued against claims that whales were in fact accumulating BTC at prices around $90,000.
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