In the crypto world, the actions of big players are always worth paying attention to. By the end of 2025, Bitcoin's closing price is projected to be $87,600, with an 8% decline for the year, marking the first negative growth year since 2022. Interestingly, global liquidity continues to flow in, which should theoretically be a bullish signal, but ETF data tells a different story.

The net outflow from spot ETFs is quite evident—BTC has seen a $348 million outflow, and ETH a $72 million outflow. In contrast, SOL and XRP have experienced small inflows, at $2.29 million and $5.58 million respectively. Behind this divergence, it’s likely that whales are quietly adjusting their positions. This isn’t retail investors chasing highs and selling lows, but rather institutional-level precise operations—some leading asset management firms may be focusing on cross-chain settlement and real-time lending strategies to try to hedge against single-chain volatility risks.

Price and value are never the same thing. The negative growth in 2025 serves as a reminder. Liquidity inflows might boost valuations of RWA or AI-related assets, but if macroeconomic variables change—such as tariff policy adjustments or worsening employment data—a correction could come suddenly. Another on-chain phenomenon worth noting is that certain Meme coins are repeatedly manipulated—pumped up first, then dumped—retail investors often follow whales and get caught off guard. However, in the long run, understanding on-chain signals and real distribution data is essential to see through the fog.

Overall, the movements of whales reflect that the market is gradually moving from an experimental phase toward relative maturity, but volatility remains the norm. To interpret these signals accurately, some foundational knowledge is necessary. The importance of market education is clear—reducing retail investors’ blind trading is beneficial for the entire ecosystem in the long run.