Whale meat cutting, retail investors taking over, can Bitcoin still surge? $109,000 is a crossroads, not a destination!

Bitcoin is no longer just "digital gold"; it has practically become the financial version of "Game of Thrones"—smart money, retail money, leveraged long positions, all in play, engaging in mutual games.

MSTR just spent $427 million to increase their position by 4,020 BTC, which looks impressive, but on-chain data reveals a different story: those who once charged ahead, holding over ten thousand coins, are now quietly reducing their positions. Glassnode has issued a dangerous signal—a whale has entered a net distribution state with a score of only 0.3, indicating they are not accumulating but are instead distributing.

Meanwhile, the smaller the wallet size, the crazier the buying becomes. Small retail investors are sweeping up, while the big players are running away. Those in the know understand, this resembles the emotional split before every historical peak.

Looking at Kingfisher's liquidation heatmap, Bitcoin is currently fluctuating above $109,000, with intense long liquidations below; even a single pin prick could burst the leveraged engine. Conversely, the short density above is not high; trying to force a short squeeze? The momentum is insufficient.

This market trend is entering a typical endgame of mutual gaming. Bitcoin is indeed strong, but we must not overlook the signs of overheating, dense liquidations, and whale exits as headwinds. Don’t let the red candles cloud your judgment; the real opportunities lie not in the heat wave, but after the washout.