$BTC Fell from around 80,000 to below 73,000 in one week
Large holders are the quickest to get out
$ETH Whales are slow to exit, but foundation-linked wallets are accelerating their ETH sales.
Over the past week, large addresses reduced their holdings by more than 34,000 BTC, worth about $2.6 billion. Ethereum whales are also reducing their holdings, but much more slowly—selling only about 17,800 ETH in a week, worth around $40 million, or roughly 1/65 of the BTC amount.
What does this tell us? Amid a BTC-led downturn, whales are prioritizing cuts to their BTC exposure. ETH has not yet reached the point of a full-scale exodus.
Historically, in February, whales and sharks sold 81,068 BTC in 8 days. The 100–10,000 BTC cohort has realized cumulative losses of $30.9 billion year to date, approaching levels seen in the 2022 bear market. This round of selling continues the stop-loss cascade, but the pace is slower than at the start of the year.
Meanwhile, ETH foundation-linked wallets are accelerating their sales: on November 11, 0x5CBC sold another 1,000 ETH, worth about $2.03 million, after selling 1,000 ETH just the day before. It had also sold 2,785 ETH on October 26. The interval between sales has shrunk from 14 days to less than one day, and the sale price keeps falling.
The address still holds more than 24,000 ETH. The 2,000 ETH sold over two days is less than 10% of its holdings, so the supply pressure has not yet cleared.
Since 2021, it has sold a cumulative 239,000 ETH ($654 million), including 7,294 ETH over three days in August 2025. Now it is selling 1,000 ETH on each of two consecutive days—the pace of selling is picking up.
BTC whales are getting out first, ETH whales are exiting slowly, and the foundation has begun accelerating its ETH sales.
#比特币连续五周下跌
Large holders are the quickest to get out
$ETH Whales are slow to exit, but foundation-linked wallets are accelerating their ETH sales.
Over the past week, large addresses reduced their holdings by more than 34,000 BTC, worth about $2.6 billion. Ethereum whales are also reducing their holdings, but much more slowly—selling only about 17,800 ETH in a week, worth around $40 million, or roughly 1/65 of the BTC amount.
What does this tell us? Amid a BTC-led downturn, whales are prioritizing cuts to their BTC exposure. ETH has not yet reached the point of a full-scale exodus.
Historically, in February, whales and sharks sold 81,068 BTC in 8 days. The 100–10,000 BTC cohort has realized cumulative losses of $30.9 billion year to date, approaching levels seen in the 2022 bear market. This round of selling continues the stop-loss cascade, but the pace is slower than at the start of the year.
Meanwhile, ETH foundation-linked wallets are accelerating their sales: on November 11, 0x5CBC sold another 1,000 ETH, worth about $2.03 million, after selling 1,000 ETH just the day before. It had also sold 2,785 ETH on October 26. The interval between sales has shrunk from 14 days to less than one day, and the sale price keeps falling.
The address still holds more than 24,000 ETH. The 2,000 ETH sold over two days is less than 10% of its holdings, so the supply pressure has not yet cleared.
Since 2021, it has sold a cumulative 239,000 ETH ($654 million), including 7,294 ETH over three days in August 2025. Now it is selling 1,000 ETH on each of two consecutive days—the pace of selling is picking up.
BTC whales are getting out first, ETH whales are exiting slowly, and the foundation has begun accelerating its ETH sales.
#比特币连续五周下跌
