🚨CryptoQuant Data Explodes! Bitcoin Spot Order Structure Has Long Ceased to Be a Retail Game🔥

A chart that reveals the true story of the power shift in the Bitcoin market.
#山寨币强势反弹
📊 The colors in the chart represent the market's discourse power@@@@

This chart, released by CryptoQuant, titled "Average Bitcoin Spot Order Size," uses different colors to indicate the hierarchy of market participants:
#美伊局势和谈与增兵博弈
✅- 🟢 Dark Green: Big Whale Orders
✅- 🟡 Light Green: Small Whale Orders
✅- 🔴 Red: Retail Orders
✅- ⚫ Gray: Normal Orders

From 2017 to 2026, this chart perfectly reproduces the entire process of Bitcoin market evolution from "retail frenzy" to "whale-controlled market":

1. 2017-2018: The era dominated by retail bubbles
At the 2018 bull market peak, the market was filled with large amounts of 🔴 red (retail orders) and 🟡 light green (small whale orders). This is a typical retail sentiment-driven rally: retail investors rush to buy the top, take over, and ultimately end in a brutal crash.
2. Post-2021: Whales take over market pricing power
Starting from 2021, 🟢 dark green big whale orders began to dominate. Especially during the 2024-2026 bull market, prices were almost entirely driven by whale funds, with retail orders only briefly appearing at local highs.
3. The harsh reality today: Retail investors have long been marginalized
In the high-range zones of 2025-2026, the main market players are still large whale orders. Retail funds have not entered on a large scale, and the market lacks the emotional drive to chase prices higher. Every rise and fall now is entirely dictated by institutions and whale funds.
#美股创下历史新高
💡 Understanding this chart means understanding the essence of Bitcoin.

✅ - The underlying logic of bull and bear markets is the change in capital structure:
The retail bubble of 2018 ended with a crash; while the whale-led rally from 2024 onward is steadier, the initiative in price fluctuations is no longer in retail hands.
✅ - The current "high-level oscillation" hides the greatest risk for retail investors:
Under whale control, if a collective reduction in positions occurs, market liquidity risk will be amplified infinitely, and retail investors simply do not have enough funds to absorb the selling pressure.
This chart tells us: Bitcoin is no longer the market where retail investors can easily celebrate. Now, you are competing with institutions and whales, not with players of the same level.