According to TradingView data, large Bitfinex holders have been reducing their long positions after a peak of 73,000 BTC in late December. This move follows another significant decline in whale holdings of approximately 220,000 BTC in 2025, and analysts and traders are analyzing what will happen next.
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price action has been stable. Bitcoin remains in a narrow range between $88,000 and $92,000 as the market searches for direction.
Whale movements and historical patterns
Based on the report, some traders see this as a classic unwinding pattern that precedes a price rally. A similar decline in long positions occurred in early 2025, as Bitcoin fell below $74,000 and then rebounded sharply.
The past recovery amount was around $112,000 in 43 days after the position was flushed. X commentator MartyParty noted that the Bitfinex whale was “aggressively closing out longs on $BTC,” pointing to that episode and noting that in the past there have been large swings after this action.
Bitfinex whale is actively shutting down $BTC Long, a signal that historically precedes massive volatility. The last time this “unwind” occurred in early 2025, Bitcoin stalled at $74,000.
This precedes Wyckoff’s Spring. See chart below.
Flash cleared the leverage and ignited… pic.twitter.com/2qfmH2eliJ
— Marty Party (@martypartymusic) January 10, 2026
Market expansion and investor composition
According to the report, on-chain trackers are cryptoquant It turns out that while Whale’s overall holdings declined by more than 200,000 BTC over the course of the year, smaller investors increased their exposure. Some interpret this change as a sign of growing ownership.
If more participants hold a coin, price movements are likely to be supported by a wider pool of buyers. It doesn’t guarantee higher prices, but it does change the way risk is distributed across the market.
Price range and resistance level
Traders are focused on the near-term ceiling near $94,000, which has capped some gains. Bitcoin It is currently close to $915,000. A sustained breakout of the $94,000 level along with volume would provide stronger confirmation for the bulls. Conversely, if the market fails to rise, the decline could widen, especially if funding costs rise or liquidations become active.
Fractal targets and precautions
Some analysts use historical patterns to predict targets. Based on the report, one scenario depicts a repeat of the spring and rally, with a target of $135,000 or more if history repeats closely enough.
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This outlook is subject to the continuation of similar market conditions, which cannot be guaranteed. whale It is not a single unified actor. Different groups may close positions for different reasons, and some trades are used as hedges rather than bets on the direction of the price.
Volumes, funding rates and net positioning on major derivatives platforms are important. A clean break above $94,000 as spot demand increases will support our bullish view.
Conversely, if selling pressure builds at that level, Bitcoin could remain in the $88,000 to $92,000 range until a new catalyst emerges. The current move appears to be an ongoing preparation and could lead to a sharp move once traders decide on a direction.
Featured image from Unsplash, chart from TradingView
