Bitcoin has continued its upward momentum over the past week, reclaiming price levels close to its all-time high. At the time of writing, the cryptocurrency is trading above $120,000, only a short distance from the record of more than $123,000.
By categorizing transactions into six size groups, ranging from retail trades of $100 to large “super whale” transfers exceeding $10 million, the analysis aims to distinguish between everyday market activity and institutional-scale transactions.
Taha’s research notes that when transactions exceeding $10 million in USDT on the TRON network surpass $5 billion in a single day, this often coincides with significant profit-taking in Bitcoin.
Such activity typically involves converting BTC into USDT, followed by transferring the stablecoins to private wallets, reducing buying pressure in the spot market.
Current data, however, shows a lack of such large-scale transactions, suggesting that major holders are not actively selling into stablecoins at present. This absence of substantial whale outflows may indicate that large investors are maintaining positions rather than exiting the market.
Data from late 2024 and early 2025 showed periods of whale dominance, which coincided with strong rallies. In contrast, recent weeks have seen a rise in smaller, retail-sized orders, while whale-driven trades have diminished.
This shift suggests that large-scale buyers may be holding positions acquired at lower price levels or waiting for new market conditions before re-entering with significant volume.
Historically, extended whale dominance near market highs has often been associated with distribution phases, where large holders take profits.
Featured image created with DALL-E, Chart from TradingView
