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

In late December last year, whale BTC long positions on Bitfinex touched a historical high of 73,000 coins, after which they began gradually declining. This signal deserves attention — historically, similar whale position reductions often precede the launch of a new market cycle, while also helping to clear excessive leverage risks within the market.

Deeper changes are reflected more clearly in on-chain data. As of 2025 to date, BTC holdings in whale wallets have decreased by approximately 220,000 coins. What does this imply? Many analysts believe that Bitcoin is undergoing a critical transformation — evolving from a unilateral accumulation phase dominated by whales to a stage driven by broader market participants.

There's another interesting detail worth noting. Frequent whale operations around the $90,000 level mainly reflect portfolio rebalancing adjustments rather than bearish signals. In other words, what they're doing is structural adjustment, not panic selling. From a market psychology perspective, this process of shifting from concentration to distribution often corresponds to the eve of an expansion phase.