- Whale-sized trades dominate Bitcoin markets as institutional buyers drive spot accumulation.
- Retail activity remains limited despite price highs, showing less hype than past cycles.
- MVRV ratio hovers at the mean, signaling profit resets and potential for long-term entries.
Bitcoin is trading under $100,000 as on-chain data highlights increased whale activity and a reset in investor profits. New metrics from CryptoQuant and Glassnode suggest a market driven less by retail hype and more by strategic accumulation.
Spot Average Order Size Reveals Whale Buying Zones
CryptoQuant’s latest Spot Average Order Size metric shows a notable uptick in large-volume trades across 2023 and 2024. A mix of green and yellow bubbles now dominates the chart, reflecting renewed activity from both big and small whales, as stated in the report.
Throughout the current rally, red bubbles, representing retail orders, have only briefly appeared near local tops, unlike prior cycles dominated by speculative buying. This suggests that order flow, not retail speculation, steers Bitcoin price momentum.
Recent movements in the sector have reshaped priorities for liquidity providers and custodians. According to CryptoQuant, the trend toward larger average orders indicates growing demand for direct spot market exposure among high-net-worth and institutional players, especially during neutral or cooling conditions.
Such shifts are prompting firms to recalibrate strategies for trade execution and custody. Asset managers are increasingly favoring execution methods that align with high-volume, low-slippage environments, targeting price levels where whale clusters form.
Spot Retail Activity Cools Despite Price Surge
Retail frequency metrics show that activity surged in late 2024 but has since moderated. The Spot Retail Activity Through Trading Frequency Surge map shows more orange than red bubbles in early 2025, signaling “rising but controlled retail involvement,” stated CryptoQuant.
In contrast to the 2017 and 2021 bull cycles, the current rally has not triggered sustained retail euphoria. Most high-frequency trade clusters appear just before local tops, while longer neutral phases dominate subsequent periods of consolidation.
Simultaneously, other market indicators suggest a different trend in retail behavior. While price volatility has remained elevated, trade frequency per user has dropped back to its 1-year average baseline, indicating that casual investors are not driving the market at this stage.
Comparative analysis reveals important disparities in market responses across cycles. Unlike previous euphoric phases, current retail participation appears reactive rather than predictive, driven by lagging sentiment rather than leading conviction.
Spot Volume Bubble Map Shows Non-Speculative Support
Bitcoin’s Spot Volume Bubble Map now shows dominant green and gray clusters as the asset trades near its all-time high. From late 2024 through early 2025, “volume support without overheating” defines market behavior, as stated in another post by CryptoQuant.
Historically, overheated conditions, marked by dense red bubbles, preceded major corrections, as seen in 2017 and 2021. Their absence during this run suggests a structurally different demand profile, likely fueled by more measured capital inflows.
These findings create new opportunities for institutional investors to enter without disrupting price stability. The map’s cooling indicators imply healthy liquidity zones at current levels, reflecting ongoing accumulation rather than speculative chasing.
Broader market forces are now shaping investor behavior, with fund managers reallocating capital based on deeper on-chain insights. Long-term holders are taking advantage of neutral-to-cooling signals to rebalance portfolios toward higher-conviction BTC exposure.
MVRV Ratio Returns to Long-Term Mean Support
Glassnode’s updated MVRV Bands chart shows the MVRV ratio pulling back to its long-term mean of 1.74. This level historically signals consolidation and has twice acted as a reset point, once in September 2024 and again in March 2025, as reported by Glassnode.
Bitcoin’s price, currently fluctuating between $65,000 and $75,000, is showing reduced unrealized profits among holders. The decline in the MVRV ratio from early 2024 highs above 2.57 reflects a cooling of speculative excess.
Regulatory changes are also redefining risk management strategies across the sector. With MVRV stabilizing near its mean, investor confidence appears to be consolidating around fair-value models, reinforcing long-term accumulation trends.
Such technical resets often precede breakout moves when paired with strong structural demand. If the ratio holds at current levels, analysts expect renewed capital inflows and a more sustainable trajectory toward six-figure valuations.
