Bitcoin Whales Begin Reducing Long Positions as BTC Price Rallies to $95K

Major market players have taken cautious moves after the Bitcoin price rally to $95K. Futures market enthusiasm is fading, reflecting reduced investor confidence.

Major market players are making cautious moves after the Bitcoin (BTC) price rally to $95K, according to a recent report by Alphractal. As the cryptocurrency futures market enthusiasm wanes, it seems like large holders are closing long positions and shifting to shorts.

This cautious optimism is highlighted by the decrease in the Whale Position Sentiment indicator. As the BTC price hovers near the $95,000 mark, whales are beginning to change their stance.

The indicator, created by Alphractal, measures open interest across major exchanges and tracks large trades exceeding $1 Million, offering insights into market activity.

Even as prices reached new local highs in late April 2025, the sentiment value dropped from a high of around 1.2 to 0.8. Notably, this indicator has historically shown a 93% correlation with BTC price movements.

If the indicator declines while prices increase, it typically signifies that large players are opening short positions, a pattern that has usually been followed by short-term corrections in past cycles.

This suggests that major holders are locking in profits or anticipating a pullback. If the sentiment trend continues downward and falls below 0.6, traders can expect more selling pressure in the market.

However, despite the BTC price remaining above $93,000, another report by CryptoQuant says that bullish momentum in the futures market has faded after April 23, as seen in the Bitcoin Futures Composite Sentiment Index.

The index, which tracks the net flow of futures traders’ positions, spiked several times in sync with big moves higher in the spot price. For instance, the index went above 3.0 on April 21 and April 22, when BTC surged from $84,000 to $95,000.

But since April 26, the index has been below 0.5 and is in neutral territory. This means futures traders are becoming more hesitant.

This lack of support from the futures market could limit any potential gains as the price faces resistance.

The report also stated that short-term holders (STHs) are locking in profits at their realized price level. This selling pressure is being added to by the decreasing sentiment as prices approach key resistance.

At the same time, BTC miners are joining in to take profits during the price surge. According to CryptoQuant, miners sold 943 Bitcoin between April 16 and April 27.

This is worth about $850 Million at current market rates as the Bitcoin price increased from $84,000 to over $93,000.

The Miner Reserve chart shows that it decreased from 1,808,999 BTC on April 16 to 1,808,065 BTC on April 28. Usually, this reduction in reserves occurs as miners cash out to pay for operational costs or to book profits.

Miner selling is common after price increases. However, the decrease in reserves during a rally suggests that some miners are apprehensive about future volatility. If this trend continues, it will exert short-term supply pressure on the market.

According to technical analysis on TradingView, BTC has tested the $95,472 resistance level three times without breaking through. This has created a triple top pattern, and a failure to break can indicate a reversal.

The Relative Strength Index (RSI) on the 4-hour chart is dropping simultaneously. Momentum weakened as it decreased from above 70 to around 48.66 by April 30. Bitcoin price is below the Alligator indicator’s green moving average line, an early sign of consolidation or correction.

If BTC cannot hold minor support at $92,080, the next key level is around $87,570. The previous accumulation occurred in this area and has been marked as an order block. A break below that zone could see more downside pressure.