BTC whales are becoming cautious, moving away from both spot and derivative positions

The trading profile of BTC changed since October 10, with evidence of smaller whale-sized ￰0￱ remains active, driving short-term ￰1￱ BTC market saw an outflow of large-scale orders, both on the spot market and on derivative platforms. Previously, high-profile whales and buyers were active almost daily, linked to ETF buying , treasury companies, or large anonymous ￰2￱ current overall whale activity data showed up to 40,000 BTC was distributed between October 2 and October 27, diminishing the BTC spot positions of larger ￰3￱ derivative markets saw smaller orders since October 10, with more retail activity and fewer large whale positions. |) have largely ghosted the post-Oct 10 drawdown and are yet to ￰4￱ the last two weeks, BTC buying by DATs fell to near year-to-date lows and has not meaningfully recovered, even on green days.

A short 🧵👇… ￰5￱ — David Duong🛡️ (@Dav1dDuong) October 25, 2025 Even Bitfinex whale orders are showing more caution. However, the data from Bitfinex shows the whales are not yet taking profits, potentially keeping BTC within its current ￰6￱ on market sentiment, retail traders are also more bearish compared to smart money and large-scale traders. However, whales remain cautious and are watching the market from the ￰7￱ takes the wheel on BTC BTC consolidated around $14,980, abandoning its rally above $115,000. This time around, data points to small-scale orders and possible retail ￰8￱ on the average size of futures orders, whales are no longer confident in placing large directional ￰9￱ the last dip to $109,000, the BTC market has been emptied of whale movers and big derivative ￰10￱ open interest is also permanently down since October 10, from around $44B to $35B.

The recovery is slow, as traders are reluctant to take up new ￰11￱ recent range-bound activity with small orders suggests a period of market ￰12￱ return of whale-sized orders, both spot and derivative, may signal another accumulation period with a rally in the ￰13￱ current trading activity happens with a neutral sentiment, as the fear and greed index moved up to 50 points. Recently, the index dipped to 24 points, signaling extreme ￰14￱ market showed it can recover in the short term, but rebuilding liquidity may take months following the largest liquidation in crypto’s ￰15￱ distribute coins to smaller wallets Some of the BTC activity may be hidden, as whales have shifted to smaller-size ￰16￱ flowed out of wallets holding 1,000 to 10K BTC, which are too large and inconvenient at this price ￰17￱ coins are flowing into shark wallets, holding 100 to 1,000 ￰18￱ wallets now hold 5.15M BTC, becoming one of the most actively growing categories.

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