Bitcoin whale activity hits a 9-month high: But a major concern remains

Bitcoin whale activity is seeing a resurgence that could prove net positive for an asset that has failed to convincingly clear the $82,000 level for weeks.

However, buying volume across the broader market remains thin, tempering the immediate outlook. Whales are investors who control large amounts of liquidity and whose actions can materially shift the supply-demand dynamics of an asset.

Their counterpart in the market is retail investors, who typically operate as short-term holders with a lower conviction threshold and a greater tendency to sell during volatility.

Whale-to-retail ratio hits a 9-month high

The Bitcoin [BTC] whale-to-retail ratio has recorded a major spike, reaching its highest level in nine months, according to the latest data from Alphractal.

This metric measures Bitcoin whale flow relative to retail flow, and the recent spike signals a significant uptick in whale activity compared to their retail counterparts.

Notably, historical data shows that each time this ratio has reached comparable levels, it has preceded a broader bullish move averaging 30% within a 90-day window.

If that pattern holds, Bitcoin would advance to roughly $104,000, a level last seen on the 13th of November, 2025.

Whale exchange inflow drops to 0.52

Whale bullish intent becomes even clearer when tracking their exchange activity. The whale exchange flow ratio has continued to decline over the past day, falling to 0.52 at press time.

This reading indicates that top addresses have been sending less Bitcoin to exchanges, suggesting they are holding the asset in private wallets rather than positioning to sell.

The Average Spot Order Size adds further weight to this view, with green bubbles on the chart indicating that the majority of transactions since the start of the month have been whale-driven.

The current pattern has shifted toward more neutral territory, suggesting a cooldown in intensity, though the broader return of whale participation remains in place and could help set the foundation for a rally.

Spot net purchases across 30, 60, and 90 days in caution mode

Buying volume across the broader Bitcoin market remains weak, reflecting limited purchasing power from the wider investor base.

CoinGlass spot exchange net inflow data shows that total net purchases over the past 30, 60, and 90 days stand at $143.79 million, $783.13 million, and $2.17 billion, respectively.

These figures remain modest relative to the scale of the market and reflect a cautious investor posture.

Several factors have contributed to this subdued buying environment over recent months, most notably the uncertainty tied to geopolitical tensions and the ongoing tariff dispute between the United States and China.

Final Summary

• The Bitcoin whale-to-retail ratio has reached a 9-month high, a level that has historically preceded a 30% price move within 90 days.
• Spot net purchases across 30, 60, and 90-day windows remain cautious at $143.79 million, $783.13 million, and $2.17 billion, respectively.