On-chain data monitoring agencies have recently discovered an interesting phenomenon—those Bitcoin addresses that have been silent for over a decade suddenly become active. These ancient whale accounts transferred billions of dollars worth of BTC in 2025, an action significant enough to attract market attention.

When does this usually happen? It often occurs when the market approaches a cycle top. Long-term holders who entered early and are already financially free begin to take profits, selling their holdings in batches or all at once. From a certain perspective, this is a barometer of smart money—their collective actions often reflect what stage the market is in.

What does this signify? The key lies in understanding the rhythm. Large whale transfers and price movements are often not a one-to-one linear relationship. Selling activity indeed suggests that we may have entered the latter half of the cycle, but it does not mean an immediate top—frenzy could still continue for some time. A more accurate interpretation is: smart money is starting to reposition, preparing for the next phase. For traders, this signal warrants serious attention—not necessarily to liquidate immediately, but to stay alert and reassess their risk management strategies.