Bitcoin whales are still major players, setting the price range for the currency. In the first quarter, most Bitcoin orders were held by larger whales.
BTC is traded based on whales making decisions in the spot market. Retail orders stopped at the end of 2025, when it became clear that “buying the dip” did not guarantee a price recovery.
In the first quarter of 2026, large whales dominated most orders, demonstrating the contraction of the cryptocurrency market and its reliance on experienced insiders. This also means that new interest from the retail sector has almost been exhausted. At the same time, Pisces accumulation It also occurred near the price range of local lows.
BTC is trading in a range
Whale orders also determine the short-term range of BTC. Despite the large orders, there is no clear direction for Bitcoin, as whales are not signaling confidence. Based on liquidity Heat mapMost spot orders fall in the small range of less than $70,000.
Large bids range from $67.5K to $68.05K per BTC, showing limited demand in the $70,000 range. BTC has failed to reclaim this price range for weeks now, except for a few short hours.
Whale bids range from $65.6K to $65.8K, with final support at $64.9K. These orders indicate that BTC may continue to trade sideways in volatility. The price direction can be determined by the reaction of those orders. If sell orders are taken, it may be a sign of confidence. If orders are executed on the downside, this may indicate a more downward trend.
For Bitcoin, spot volumes make up about 10% of derivatives activity. However, higher spot trading may indicate panic selling. Typically, spot trading gained a higher share of the market during rapid downturns, as some traders sold or surrendered.
In the last quarter, almost everything Pregnant regiments Their total positions shrank, and only portfolios older than five years showed a willingness to hold. Right now, the market is still tracking whale orders, trying to determine whether or not the capitulation sell-off has ended.
BTC is still traded with great fear
Bitcoin’s Fear and Greed Index has dropped to nine points again, indicating extreme fear. The scale has been in the extreme fear range for an entire month.
For the first quarter, the index rose to neutral for only several days, spending most of the period in the fear or extreme fear range.
BTC open interest has stalled at $21 billion, with no signs of recovery after the October 2025 crash. Historically, BTC open interest has recovered within 3-6 months, but during this cycle, traders are still factoring in new uncertainty.
