Since the beginning of 2025, every move of Bitcoin whales has been triggering market nerves. Billions of dollars in BTC transfers frequently flood on-chain data, what is actually hidden behind?

From on-chain trends, large wallet operations are not random. Whether it's institutional entry, strategic profit-taking, or cross-exchange liquidity adjustments, every step of these whale-level players reflects market participants' true judgment of the future.

This wave of activity at the beginning of the year is especially worth noting. On one side is the uncertainty of macro expectations, and on the other side is the increasing game between spot and derivatives markets. In this environment, whales' choices—whether to accumulate holdings or to cash out in batches—often reveal the market pulse for the next phase in advance.

For traders tracking on-chain signals, the timing, direction, and counterparties of these massive BTC flows are key clues to understanding changes in market structure. After all, players who can move billions of dollars within hours usually have a keen market sense.