This metric measures the average executed order size in BTC futures markets, calculated by dividing total traded volume by the number of executed orders. It helps determine whether trading activity is dominated by retail participants or large-scale whales.
Over the past several months, the market has shifted from whale-driven activity to heavier retail participation. Large yellow and green clusters observed in late 2024 and early 2025 corresponded with substantial whale inflows, fueling strong bullish rallies.
In recent weeks, however, there has been a noticeable rise in red clusters, indicating that smaller, retail-sized orders are taking a larger share of market activity. Historically, extended whale dominance near market peaks often coincided with distribution phases and local tops.
Since late Q2 2025, whale involvement has diminished, suggesting that institutional or large buyers may be holding existing positions from lower levels or waiting for more favorable re-entry points. This dynamic leaves Bitcoin in a position where a bullish breakout above its prior ATH could materialize in the coming weeks, unless renewed whale activity emerges to offload positions, triggering a distribution phase.
Written by ShayanMarkets
