### Analysis Summary: Declining Role of Whales and Bearish Threats Surrounding Bitcoin in the Futures Market

I present to you a technical outlook leaning towards the bearish direction of the Bitcoin futures market, confirming that the price is stuck within a limited range due to the decline in "whale" (large investors) activity and the increasing influence of "retail" (small traders). This situation reinforces negative trends, with a noticeable dominance of sellers, which may lead to further volatility or declines unless whales return with strong buy orders. Based on recent data,

- **Decreased Average Order Size**: Indicates a decline in large orders from whales, replaced by small trades from retail, making the market less vibrant and more susceptible to emotions.

- **"Cooling" Phase in the Futures Volume Bubble Map**: A clear decline in trading activity, justifying the sideways movement despite positive news such as institutional accumulation.

- **Cumulative Volume Delta Indicator (Taker CVD)**: Over the past 90 days, there has been a notable dominance of sellers (Taker Sell), with red signals indicating ongoing bearish pressure, despite the price rising above 110,000 USD between June and September 2025.

- *: The market is thus suffering from a "bearish situation" due to a lack of large liquidity, retail dominance (which increases emotional volatility), and seller superiority.