Bitcoin whales are actively reducing long positions amid familiar bullish signals gradually returning to the market.
Whales activate six-figure price target for BTC
According to data from TradingView, the number of whale long positions has begun to decline after reaching a peak of 73,000 BTC at the end of last December.
Whale long order trading chart on Bitfinex in one day | Source: TradingView Among investors, Bitcoin whales are always considered “smart money,” and their actions are often closely watched by traders to predict the next price trend.
History shows that whales closing long positions after the market hits a local peak often signal a strong upward move for BTC.
Commentator MartyParty stated on platform X: “Bitfinex whales are actively closing long positions $BTC —a signal that has historically often indicated significant market volatility.”
He added: “The last time this ‘unwinding’ process occurred was at the beginning of 2025, when Bitcoin stalled at around $74,000.”
Chart of large long orders on Bitfinex versus BTC/USD exchange rate over a week | Source: TradingView Using Wyckoff analysis, MartyParty placed whale movements into a broader context. In April last year, the downtrend in long positions occurred almost simultaneously with BTC/USD falling below the $75,000 threshold, a low that still persists today.
This oscillation bottom, called a “spring” in Wyckoff analysis, marks the start of a new growth cycle.
The post continues: “This liquidation helped the market eliminate excess leverage and drove Bitcoin’s price up by 50%, reaching $112,000 in just 43 days.”
“Currently, with $BTC accumulating around $91,500, a similar scenario could push the price above $135,000.”
Bitcoin’s maturation cycle: whales gradually withdraw
Looking back over the past year, on-chain analysis platform CryptoQuant indicates that the total BTC held by whales has decreased by more than 200,000 BTC.
Conversely, smaller investor groups have increased their exposure to Bitcoin, reflecting a trend that CryptoQuant calls “market maturity cycle.”
CryptoZeno contributor shared in the blog “Quicktake”: “Overall, Bitcoin is transitioning from a whale-led accumulation cycle to a phase supported by a broader investor base.”
“This type of transition often appears in market maturity cycles, where volatility remains but the long-term trend becomes more stable due to widespread ownership and alignment with structural demand forces.”
Data on Bitcoin holdings by whales | Source: CryptoQuant In early January, CryptoQuant also dismissed claims that whales are accumulating BTC at around $90,000.
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