According to data from TradingView, Bitfinex’s large holders have been reducing long positions since a peak of 73,000 BTC in late December. The move follows a larger drop in whale holdings of approximately 220,000 BTC during 2025, a shift that has analysts and traders analyzing what comes next.
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Price of actions is stable. Bitcoin has been moving within a narrow range between $88,000 and $92,000 as the market looks for direction.
Whale movements and historical patterns
Based on the report, some traders see this as a classic relaxation pattern that precedes a price rally. In early 2025, a similar decline in long positions coincided with Bitcoin falling below $74,000, followed by a sharp rebound.
That past recovery climbed to about $112k in 43 days after the positions were washed out. MartyParty, a commenter on Xu, pointed to the episode when he noted that Bitfinex whales were “aggressively closing $BTC longs,” a behavior that has been accompanied by large swings in the past.
Bitfinex whales close aggressively $BTC long, a signal that historically precedes high volatility. The last time this “unwinding” happened in early 2025, Bitcoin stalled at $74,000.
This precedes the Wyckoff Spring. See the charts below.
The flush released the lever and ignited the… pic.twitter.com/2qfmH2eliJ
— MartyParty (@martypartymusic) January 10, 2026
Market breadth and investor mix
Reports revealed that on-chain tracker CryptoQuant reveals that total whale holdings fell by more than 200,000 BTC over the year, while smaller investors increased exposure. This change is interpreted by some as a sign that ownership is expanding.
If more participants hold the coins, the price movement can be supported by a wider base of buyers. This does not guarantee higher prices, but it does change the way risk is spread through the market.
Price range and resistance levels
Traders are eyeing a near-term ceiling around $94,000 that has halted several rallies. Bitcoin currently it is close to 91.5 thousand dollars. A sustained break above that $94,000 level with volume would be a stronger confirmation for the bulls. On the other hand, failure to move up could lead to a widening of the spread to the downside, especially if funding costs rise or liquidations begin to increase.
Fractal targets and caution
Some analysts use past patterns to project targets. Based on the report, one scenario sees a repeat of the spring and recovery sequence, targeting $135k or more if history repeats itself enough.
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That view depends on similar market conditions unfolding, which is not certain. whales they are not a single, singular actor; different groups may close positions for different reasons, and some trades are used as hedges rather than bets on price direction.
Volume, funding rates and net position on major derivatives platforms will be important. A clean break above $94,000 with rising spot demand would support the bullish case.
Conversely, mounting selling pressure at that level could keep Bitcoin confined to the $88,000-$92,000 range until a new catalyst emerges. The current action looks like a setup in progress – one that could lead to sharp moves once traders decide on direction.
Featured image from Unsplash, chart from TradingView
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