Bitfinex Whales Trim Longs as Bitcoin Holds $88K-$92K Range

Data from TradingView reveals a notable shift among large-scale traders on Bitfinex. After reaching a peak of 73,000 BTC in late December, these so-called ‘whales’ have been actively trimming their long Bitcoin positions. This activity is not isolated to a single platform; reports indicate that overall whale holdings across the market fell by approximately 220,000 BTC throughout 2025. The concurrent reduction in exposure from major players while Bitcoin’s price action remains steady—confined to a tight range around $91,500—has become a focal point for analysts seeking directional clues.

Commentators like MartyParty on X have drawn direct parallels to a similar event in early 2025. At that time, a comparable flush of long positions coincided with Bitcoin briefly slipping under $74,000 before staging a dramatic 43-day rally to approximately $112,000. MartyParty characterized the current Bitfinex activity as whales ‘aggressively closing $BTC longs,’ a signal he and others associate with the ‘Wyckoff Spring’—a technical pattern where a period of accumulation and leverage clearing often ignites a powerful upward move. The historical precedent suggests such unwinds can purge excessive leverage from the system, setting the stage for a cleaner trend.

While whale holdings have contracted, on-chain data from tracker CryptoQuant points to a countervailing trend: smaller investors have been increasing their Bitcoin exposure throughout 2025. This divergence is interpreted by some market observers as a sign of broadening ownership, a potentially healthy development for market structure. A wider, more distributed base of coin holders can provide more stable support for prices, as risk and liquidity are spread across more participants rather than concentrated in a few large entities.

However, analysts caution that this shift in investor mix does not guarantee higher prices. It fundamentally alters how risk permeates the market. A market supported by retail and smaller institutional holders may behave differently under stress than one dominated by a handful of whales. The current dynamic—where large players pare back while smaller ones accumulate—creates a complex backdrop for Bitcoin’s next major move, removing a simple narrative of unified whale-driven direction.

With the whale unwind underway, technical levels are coming into sharper focus. Bitcoin faces a near-term resistance ceiling around $94,000, a level that has capped several recent rally attempts. A sustained break above this threshold, accompanied by strong volume and rising spot demand, would provide a robust confirmation for the bullish case. Conversely, a rejection at this level could see the trading range expand to the downside, particularly if funding costs on derivatives platforms rise or if a wave of liquidations is triggered.

Drawing from the early-2025 fractal, some analysts project a potential target near $135,000 should a similar ‘spring-and-rally’ sequence play out. This optimistic scenario hinges on market conditions closely mirroring the past, which is far from certain. Prudent observers emphasize that whales are not a monolithic force; different cohorts may close positions for varied reasons, including portfolio rebalancing or hedging unrelated directional bets. Therefore, the path forward will likely be determined by a confluence of factors beyond just whale positioning, including derivatives market metrics like net positioning and funding rates across major platforms.

The prevailing view is that the market is in a setup phase. Bitcoin’s consolidation between $88,000 and $92,000, juxtaposed with the reduction in whale leverage, resembles a coiled spring. The direction of the eventual breakout—whether it replicates the historic rally or breaks down—will be decided once this accumulation of signals resolves into a clear trend, potentially leading to the sharp volatility that often follows such periods of indecision.