According to @ki_young_ju on X (Dec 26, 2025), the BTC spot market follows a sequence where price rises, then retail buys, then whales sell, then price falls, then retail sells, then whales buy, and next price rises, and he states the market is currently in the whales buy stage, which in his sequence precedes a price increase (source: @ki_young_ju on X, Dec 26, 2025).