Large holders on Bitfinex are gradually closing their BTC long positions. According to on-chain data, this reduction in positions is ongoing. Nevertheless, many market participants believe that Bitcoin still has room for upward momentum. Whale de-risking may indicate some major players taking profits, but it does not necessarily mean the market has topped out. Conversely, continued institutional interest and retail enthusiasm still support BTC's subsequent performance. Opinions among market participants vary, but from a technical and capital perspective, the fuel for this rally does not seem to be completely exhausted yet.