The recent sharp fluctuations in the Bitcoin market have revealed a clear divergence in strategy among investor groups. The largest cryptocurrency, which tested the level of $ 126,000 at the beginning of October, then dropped to $ 60,000, creating a cold shower effect on the markets, but is currently trying to hold on to the $ 68,000 band. In this process, while the appetite of corporate giants continues to grow, it is noteworthy that short-term-minded individual investors are waiting cautiously.
Loss of Momentum for the Short-Term Investor
Current figures shared by market analysts and data platforms show that there is a serious slowdown in the buying rate of the group called “short-term holders” in the Bitcoin world. According to Alphractal data, although the 90-day net position change managed to remain positive in a positional sense, the accumulation tempo has decreased sharply in recent days. While this slowdown indicates that the demand momentum in the market has weakened, experts remind that similar situations in the past were usually followed by a consolidation process or high volatility.
Alphractal founder Joao Wedson emphasizes that although giants such as Strategy and other corporate structures have expanded their portfolios, this situation has not spread to the grassroots. According to Wedson, making general conclusions by looking at the moves of only a few giant companies can lead to misleading results. To understand the real demand on blockchain, it is necessary to examine the behavior of the entire ecosystem as a whole; Because short-term investors have a much more timid profile compared to 90 days ago.
The fact that the positive atmosphere created by corporate acquisitions is not reciprocated by small investors brings the possibility that the market may be experiencing a “regime change” within itself. Current data clearly shows that new entrants to the market chose to act cautiously after that traumatic decline in the price from $ 126,000 to $ 60,000.
Whales Turn Decline into Opportunity
Unlike short-term investors, large-scale investors, called “whales”, seem to have a completely different agenda. CryptoQuant data proves that the owners of these giant wallets increased their holdings by more than 200,000 BTC. Although the increase in whale assets entering the stock exchanges is normally interpreted as selling pressure, medium-term analysis shows that the share of this group in the overall supply is growing steadily. Whale dominance, which was on a downward trend in mid-December, has recorded a recovery of 3.4 percent in the last month.
As a result of these strategic moves, the total amount held by whales increased from 2.9 million BTC to over 3.1 million BTC. A similar accumulation operation was last seen during the correction period in April 2025, and whale support at that time played a key role in Bitcoin’s jump from $ 76,000 to $ 126,000. Now, the fact that the market is approximately 46 percent below its peak is perceived as a discount period that cannot be missed for the big players.
The fact that large investors have absorbed the market by braving the selling pressure proves that medium-term expectations still remain strong. This aggressive collection process of corporate giants and whales acts as the main pillar that allows the market to hold around $ 68,000 by balancing the stagnation created by short-term investors.
