Whales are cutting their positions, retail investors are taking over, can Bitcoin still surge? $109,000 is a crossroads, not the end!

Bitcoin is no longer just 'digital gold'; it has become a financial version of 'Game of Thrones' — smart money, retail money, leveraged bulls, all are in play, battling against each other.

MSTR just splurged $427 million, adding 4,020 bitcoins to their holdings, looking formidable, but on-chain data reveals another story: those who once led the charge with over 10,000 coins are now quietly reducing their positions. Glassnode gives a dangerous signal — whales have entered a net distribution state, scoring only 0.3, indicating they are not accumulating, but rather selling off.

Meanwhile, the smaller the wallets, the crazier the buying. Retail investors are shopping up a storm while the big players are bailing out. Those who understand know this mirrors the emotional split seen before every historical peak.

Looking at Kingfisher's liquidation heatmap, currently, Bitcoin is swinging above $109,000, with heavy liquidation of longs below. Even a single needle prick could trigger a catastrophic liquidation of leveraged positions. Conversely, the short density above is not high; trying to force a short squeeze? The momentum isn't sufficient.

We are entering the typical climax of this game. Bitcoin is indeed strong, but don’t overlook the signs of overheating, dense liquidations, and fleeing whales. Don’t be blinded by the red candles; the real opportunities are not in the heat wave, but after the washout.