Synopsis: Bitcoin plunged over 7% as whales sold nearly $45 billion worth, pushing prices below $100,000. Long-term holders drove the sell-off, signaling weakening confidence and institutional outflows.
The crypto market took a heavy blow this week as large Bitcoin holders or “whales” offloaded nearly $45 billion worth of the asset. Bitcoin slid more than 7% on November 4, briefly falling below the $100,000 mark for the first time since June. The decline wiped out over 20% of its value from last month’s record high of around $126,000.
By Wednesday’s Asian trading hours, prices recovered slightly to about $101,000, but the mood stayed tense. I felt the shift this time was different no sudden liquidations or leveraged panic, just calm, relentless selling pressure in the spot market. Many investors are still struggling to find direction as the crypto’s foundation seems to weaken.
Long-Time Holders Lead the Sell-Off
The slump has exposed an emerging pattern. Unlike October’s violent crash driven by forced liquidations, this pullback stems from deliberate actions of long-time Bitcoin owners. Data from K33 Research shows over 319,000 coins previously dormant for six to twelve months have been reactivated, signaling clear profit-taking.
Market analyst Markus Thielen of 10x Research explained that Bitcoin whales those holding between 1,000 and 10,000 BTC have been unloading at a growing pace. In total, roughly 400,000 Bitcoin were sold in the past month, creating a $45 billion gap between sellers and buyers. “We broke through crucial on-chain indicators,” Thielen said, adding that many traders now find themselves underwater and forced to exit losing positions.
On the other hand, open interest in futures remains low, and options traders are betting on further declines. Put contracts targeting the $80,000 level have gained popularity, hinting that market players see room for more losses.
Institutional Flows
Institutional demand has cooled. U.S.-listed Bitcoin ETFs saw $1.15 billion in withdrawals last week, their largest outflow in months. At the same time, large holders transferred about 13,000 BTC worth $1.48 billion to exchanges since October, likely to sell into weakness.
Market is sensing a fading confidence even among short-term traders. The market’s total capitalization has dropped by nearly 13%, erasing about $120 billion in just a week. Bitcoin accounts for much of that slide, though other tokens have also turned red. The Crypto Fear and Greed Index now sits at 21, showing “extreme fear.” It feels like traders are bracing for deeper trouble ahead rather than planning fresh entries.
Macro factors have not helped either. Federal Reserve Chair Jerome Powell’s recent comments signaling no guaranteed rate cut in December unsettled risk markets. The Nasdaq dropped more than 1%, and capital seems to be moving away from speculative assets like crypto into safer investments.
What Lies Ahead for Bitcoin
A few months ago, Bitcoin looked resilient, even during brief corrections. Now, conviction appears to be slipping fast. Thielen warns that this unwind could last well into next spring, similar to the long, grinding decline of 2021–2022 when whales sold over one million coins over several months. If this pace repeats, we could be in for six more months of slow selling.
Still, not everyone sees doom ahead. Some analysts argue the market is merely recalibrating after its record highs. Historically, Bitcoin has often seen November turn positive, averaging 36% gains since 2013. If the $100,000 level holds, this correction might end as a healthy pause.
Personally, I feel the market needs clarity either a strong bounce or a steady floor to regain confidence. Until then, Bitcoin’s next moves may depend on whether whales finally stop selling or if a new wave of buyers steps in to soak up the supply.
Written By Fazal Ul Vahab C H