TLDR
- Bitcoin whale wallets holding over 1,000 BTC increased 2.2% since late October while smaller holders with 1 BTC or more decreased to yearly lows
- Bitcoin dropped below $90,000 on Tuesday, erasing 2025 gains and wiping $600 billion from market value since October peak
- Crypto Fear & Greed Index fell to “extreme fear” zone with score of 11 out of 100
- MicroStrategy bought 8,178 Bitcoin at average price of $102,171, spending approximately $835 million
- Gemini co-founder Cameron Winklevoss called sub-$90,000 Bitcoin levels a last chance buying opportunity
Bitcoin whale wallets have been increasing since late October even as the cryptocurrency fell below $90,000 this week. The price drop has pushed the market into extreme fear territory.
Data from crypto analytics platform Glassnode shows whale wallets holding above 1,000 BTC hit a yearly low of 1,354 on October 27. By Monday, this number increased 2.2% to 1,384, reaching levels not seen in four months.
The accumulation by large holders comes as Bitcoin sank to $89,550 on Tuesday. The cryptocurrency has fallen from its record high above $126,000 on October 6.
Smaller holders appear to be feeling more pressure from the price decline. Wallets containing 1 BTC or more decreased from 980,577 on October 27 to a yearly low of 977,420 on November 17.
The contrasting behavior between whales and smaller holders challenges recent narratives about older investors driving prices down. Some analysts had argued that “OG dumping” by early investors taking profits was behind the selloff.
Macro Conditions Weigh on Market
10X Research’s Markus Thielen told Cointelegraph that the October 29 FOMC meeting from the Federal Reserve impacted market dynamics. He noted that super-whales and mega-whales are absorbing some selling, but the 30-day net-flow ratio still shows decisive net selling.
Government shutdown concerns and trade tensions have added pressure to crypto markets. Weak liquidity conditions have left Bitcoin exposed to swings in dollar strength and rate expectations.
About $19 billion in leveraged positions were liquidated last month. This flush was amplified by long-term holders taking profits during the correction.
The Crypto Fear & Greed Index dropped to the extreme fear zone with a score of 11 out of 100. This level indicates severe pessimism among market participants.
On-chain data from mid-November shows clusters of wallets holding more than 1,000 Bitcoin executed concentrated sales. These moves pushed prices from below $100,000 toward $97,000.
Institutional Players Remain Active
Whale short exposure now exceeds long positions according to Bitunix analysts. On-chain metrics show about $2.17 billion in shorts versus $1.18 billion in longs.
Bitcoin ETFs have experienced several consecutive weeks of net outflows. The redemptions totaled several billions over five weeks, reducing the market’s ability to absorb selling pressure.
Despite the downturn, some institutional buyers continue accumulating. MicroStrategy disclosed Monday it bought another 8,178 Bitcoin at an average price of $102,171.
Bitwise Asset Management chief investment officer Matt Hougan called current price levels a “generational opportunity” during a CNBC appearance Monday. He argued Bitcoin was the first asset to signal risk in broader markets.
Gemini crypto exchange co-founder Cameron Winklevoss posted on X that this is “the last time you’ll ever be able to buy Bitcoin below $90k.” Several analysts including TheCryptoDog argued Bitcoin is due for a bounce based on current technical metrics.
The post Bitcoin (BTC) Price: Falls Below $90,000 as Whale Wallets Increase 2.2% Since October appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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