Bitcoin is now trading just below its $125,000 all-time high, following a powerful 15% rally from the $109,000 level that reignited bullish momentum across the market. After weeks of sideways movement, bulls have reclaimed control, pushing BTC into a critical zone where a clean breakout above $125K could mark the start of a new price discovery phase.

However, not all signals are equally bullish. A recent report from CryptoQuant sheds light on growing caution among large holders. The firm’s Total Whale Holdings metric tracks the 30-day percentage change in Bitcoin held by whales, offering a direct view into their accumulation or distribution activity. Currently, the indicator is showing negative values, signaling that whales have been actively reducing their positions throughout September

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