TLDR
- Bitcoin whale wallets holding over 1,000 BTC increased 2.2% since late October, rising from 1,354 to 1,384 wallets
- Small holder wallets with 1 BTC or more dropped to a yearly low of 977,420, down from 980,577 in late October
- Bitcoin fell below $90,000 on Monday, triggering the Crypto Fear & Greed Index to hit “extreme fear” at 11 out of 100
- Approximately $19 billion in leveraged positions were liquidated last month as Bitcoin dropped from its $126,000 record high
- MicroStrategy purchased 8,178 Bitcoin for $835 million at an average price of $102,171 on Monday
Bitcoin dropped below $90,000 this week as on-chain data reveals a stark divide between large and small investors. The cryptocurrency is currently trading around $89,900 after hitting a low of $89,550 on Tuesday.
Data from Glassnode shows whale wallets holding more than 1,000 BTC have been growing since late October. These large holder addresses fell to a yearly low of 1,354 on October 27 when Bitcoin traded near $114,000. By Monday, this number climbed 2.2% to reach 1,384 wallets, levels not seen in four months.
Small investors appear to be taking a different approach. Wallets holding 1 BTC or more decreased from 980,577 on October 27 to 977,420 on November 17, marking a yearly low for this category.
The pattern suggests whales are accumulating while retail investors sell during the price decline. Bitcoin has fallen from its record high above $126,000 on October 6, erasing roughly $600 billion in market value.
Whale Activity and Market Dynamics
Markus Thielen from 10X Research told Cointelegraph that whale selling continues. He pointed to the October 29 Federal Reserve meeting as a key factor disrupting the balance between buyers and sellers.
“Super-whales and mega-whales are absorbing some of the whale selling, but the 30-day net-flow ratio between these cohorts still shows decisive net selling,” Thielen explained.
Analysis from Bitunix indicates whale short positions now exceed long positions. On-chain metrics show approximately $2.17 billion in shorts versus $1.18 billion in longs.
The sell-off has triggered $19 billion in liquidated leveraged positions last month. Bitcoin ETFs have recorded net outflows for several consecutive weeks, totaling billions of dollars over five weeks.
The Crypto Fear & Greed Index dropped to 11 out of 100, placing market sentiment in the “extreme fear” zone. Derivatives traders have been purchasing put options around the $90,000 to $95,000 range as downside protection.
Institutional Buying Continues
MicroStrategy announced on Monday it purchased 8,178 Bitcoin at an average price of $102,171. The company spent approximately $835 million on the acquisition, adding to its position as one of the largest corporate Bitcoin holders.
Cameron Winklevoss, co-founder of Gemini crypto exchange, posted on social media that current prices represent “the last time you’ll ever be able to buy Bitcoin below $90k.”
This is the last time you'll ever be able to buy bitcoin below $90k!
— Cameron Winklevoss (@cameron) November 18, 2025
Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC on Monday that current price levels represent a “generational opportunity.” He stated he believes Bitcoin is nearing a bottom.
Analysts are monitoring $100,000 as resistance and $93,000 as key support. TheCryptoDog, a crypto analyst, suggested Bitcoin could tag around $87,700 based on moving average support and horizontal support levels from previous resistance.
I'd say we're in for a bounce soon
If things play out clear and simple, $BTC tags ~87.7k –
Some high TF MA support & horizontal support from previous resistance (the break of which triggered a rally in May). pic.twitter.com/DlIFwYL31c
— The Crypto Dog š (@TheCryptoDog) November 18, 2025
Firms including Glassnode and MarketVector have described the price movement as “scheduled distribution” by long-term holders rather than panic selling. The current correction falls within the 400 to 600 day window after the April 2024 halving when Bitcoin has historically peaked in previous cycles.
