Big Bitcoin holders have been trimming their long bets as we move into 2025. On-chain metrics show major whale accounts held close to 73,000 BTC back in late December, but those positions have steadily unwound since. Overall whale exposure has contracted roughly 200k-220k BTC through the year, even as retail traders are stepping up their involvement in the market. The shift in who's holding what matters—and technically speaking, analysts are spotting the classic Wyckoff 'spring' setup, which historically telegraphs a bullish shake-out before the next leg up. It's the kind of pattern that rewards those who stick around when the big money starts repositioning.