Bitfinex whales have reduced their BTC long positions after peaking at nearly 73,000 BTC in late December, according to TradingView data. This reduction in positions has historically been associated with clearing excessive leverage and potentially signaling a new upward trend in the market. Market observer MartyParty suggests that such whale activities often precede expansionary phases rather than long-term declines. On-chain data from CryptoQuant indicates that whale wallets held approximately 220,000 fewer BTC during 2025, suggesting a shift from whale-dominated accumulation to broader market participation. CryptoQuant analyst CryptoZeno notes that recent whale activity around the $90,000 level is more about portfolio rebalancing than bearish sentiment.