Mass whale liquidations reduce BTC market control to levels not seen in 9 months — almost an entire quarter without such concentrated dominance. In the last 8 days, holders of 10 to 10,000 BTC have liquidated about 81,000 bitcoins, shrinking their market share. Meanwhile, a counter-movement is gaining strength: retail wallets with less than 0.1 BTC reach 20-month highs, signaling massive entry of small investors.

Historically, this pattern — whales exiting while retail accumulates during dips — often precedes long-term bullish movements. The timing of on-chain flows suggests capital redistribution, not market capitulation. For those familiar with BTC cycles, this 9-month period without maximum concentration coincides with strategic accumulation phases. The question now is whether retail can sustain the buying pressure or if the whales are just reallocating positions.