Retail investors are rushing coins onto exchanges, ETFs are selling, while whales with more than 10,000 coins in their wallets flipped from net selling to net buying in just four days—the same Bitcoin, with three groups moving in three different directions. 🐋
First, three sets of numbers:
1. Santiment: In October, wallets holding 1 to 100,000 coins accumulated a combined roughly 60,000 coins, worth about $4.8 billion. Mid-sized whales holding 100 to 1,000 coins added around 40,000—about two-thirds of the total.
2. CryptoQuant: From October 31 to November 4, the 60-day net accumulation of wallets holding more than 10,000 coins swung from minus 39,000 to plus 32,000—a 71,000-coin swing in four days. But over the same period, net accumulation by wallets holding 100 to 1,000 coins fell from 68,000 to 24,500, a drop of about 64%, though it remained positive.
3. Meanwhile, on November 4, retail investors deposited 11,700 coins to Binance, the highest single-day total since February 5. That same week, spot ETFs saw net outflows of around $1.28 billion.
Current price: $BTC about $76,000, hovering around the 50-week moving average. The November 6 close was about $75,800.
This whale’s take: the divergence itself is the signal. ETFs and retail investors are handing over their coins in a panic, while the biggest holders are scooping them up at lower prices. Mid-sized whales holding 100 to 1,000 coins, though, have hit the brakes. Big money isn’t unanimously bullish—it’s testing the waters in stages. The November 10 CPI release is the next test. If rate-hike expectations climb further, whether the $76,000 level holds will depend on whether these newly accumulated coins can withstand paper losses. This whale will wag its tail and wait for CPI.
First, three sets of numbers:
1. Santiment: In October, wallets holding 1 to 100,000 coins accumulated a combined roughly 60,000 coins, worth about $4.8 billion. Mid-sized whales holding 100 to 1,000 coins added around 40,000—about two-thirds of the total.
2. CryptoQuant: From October 31 to November 4, the 60-day net accumulation of wallets holding more than 10,000 coins swung from minus 39,000 to plus 32,000—a 71,000-coin swing in four days. But over the same period, net accumulation by wallets holding 100 to 1,000 coins fell from 68,000 to 24,500, a drop of about 64%, though it remained positive.
3. Meanwhile, on November 4, retail investors deposited 11,700 coins to Binance, the highest single-day total since February 5. That same week, spot ETFs saw net outflows of around $1.28 billion.
Current price: $BTC about $76,000, hovering around the 50-week moving average. The November 6 close was about $75,800.
This whale’s take: the divergence itself is the signal. ETFs and retail investors are handing over their coins in a panic, while the biggest holders are scooping them up at lower prices. Mid-sized whales holding 100 to 1,000 coins, though, have hit the brakes. Big money isn’t unanimously bullish—it’s testing the waters in stages. The November 10 CPI release is the next test. If rate-hike expectations climb further, whether the $76,000 level holds will depend on whether these newly accumulated coins can withstand paper losses. This whale will wag its tail and wait for CPI.
