Bitcoin faces whale exodus at $108K — Where does this leave retail?

• Will Bitcoin break through $108K, or has the resistance sealed its fate again?
• If retail-led pressure persists, BTC could retrace to $100K despite recent bullish momentum.

Bitcoin [BTC] rebounded from the 23rd of June low near $99.7K, but bullish momentum weakened after facing rejection at $108.8K.

AMBCrypto’s analysis points to a potential reversal, as traders and whales signal mounting caution.

BTC hits critical resistance – Is a reversal looming?

On the charts, BTC was trading at a historically heavy resistance level that previously sparked sharp pullbacks.

As of the 30th of June, Bitcoin was approaching $108.8K but closed lower at $107,135, echoing past patterns of rejection near this zone.

Source: Ali Martinez/TradingView

More worryingly, the Stochastic RSI showed a bearish Death Cross. The %K line fell below the %D line while still above the 80 mark—signaling overbought conditions with weakening momentum.

These bearish signals, combined with the major resistance hurdle and the formation of a Death Cross, increase the likelihood of a deeper decline.

Binance and OKX traders bet against Bitcoin

A closer look at derivatives platforms showed clear bearish pressure.

As of the 30th of June, Binance’s Long/Short Accounts ratio stood at 0.61, with only 37.97% of accounts holding long positions.

Source: CoinGlass

On OKX, the ratio was even lower at 0.59. These values indicate that shorts outweighed longs by a large margin, suggesting broader trader pessimism.

Binance led volumes at $13.05 billion, followed by OKX at $6.62 billion. The higher short interest, paired with rising volumes, adds to the downside risk.

Whales are out, retailers are in

Open Interest and Futures Average Order Sizes declined significantly, signaling reduced whale activity.

Source: CryptoQuant

On the 30th of June, Futures Average Order Sizes dropped sharply, a sign that whales, who typically trade large volumes, have exited their positions.

This implies retail investors are now dominating the market—aligning with the bearish sentiment seen among Binance and OKX traders.

Source: CryptoQuant

At the same time, Open Interest fell to $34.7 billion, down from previous highs, confirming reduced liquidity and participation.

Retail traders appeared to be driving the market narrative. If they maintain bearish pressure in futures while whales stay sidelined, Bitcoin could slip back toward the $100,000 zone.