According to on-chain data observations, the actions of Bitcoin whales are undergoing an interesting shift.

In late December last year, the whale BTC long positions on Bitfinex once reached a historical high of 73,000 coins, then gradually started to decline. This signal is worth paying attention to—historically, similar whale de-risking often precedes the start of a new market cycle, and also helps to clear excessive leverage risks in the market.

Deeper changes are more clearly reflected in on-chain data. Since 2025, the BTC holdings of whale wallets have decreased by approximately 220,000 coins. What does this imply? Many analysts believe that Bitcoin is experiencing a key transition—from a phase of whale accumulation to a stage driven by broader participant engagement.

There's also an interesting detail. The frequent operations around the $90,000 mark by whales mainly reflect portfolio rebalancing adjustments rather than a bearish signal. In other words, they are making structural adjustments rather than panic selling. From a market psychology perspective, this shift from concentration to diversification often precedes the expansion phase.