Down 24%, yet whales are quietly adding to their positions—so why does the price keep falling? 🐋
The latest on-chain data from CryptoQuant is a little counterintuitive:
$BTC has fallen about 24% from its cycle high, while wallets holding over 1,000 BTC have added roughly 47,000 BTC in total. Wallets holding between 1,000 and 10,000 BTC alone added 43,700 BTC.
But on the other hand, mid-sized wallets holding 100 to 1,000 BTC shed 50,500 BTC, while wallets holding 10 to 100 BTC shed another 14,400 BTC. Mid-sized holders sold roughly 64,900 BTC in total.
30-day apparent demand has dropped to around -284,000 BTC, its weakest level since April 2025. In the 16 days since October 29, 14 saw net realized losses, totaling roughly 84,000 BTC.
Early this morning, BTC briefly fell below $64,000, with a 24-hour low of around $63,326.
This whale’s take: whales accumulating doesn’t mean the price will stop falling right away. Their 47,000 BTC in buying hasn’t been enough to absorb the 65,000 BTC in selling pressure, and demand indicators are still negative. But coins are moving from mid-sized holders who can’t hold on to larger players who can. This shakeout is testing people, not coins. The key isn’t how much whales have bought, but when selling pressure finally runs out. A return to positive apparent demand and an end to ETF net outflows would be signs of stabilization. Until then, even the biggest buy orders are just catching a falling knife in slow motion.
The latest on-chain data from CryptoQuant is a little counterintuitive:
$BTC has fallen about 24% from its cycle high, while wallets holding over 1,000 BTC have added roughly 47,000 BTC in total. Wallets holding between 1,000 and 10,000 BTC alone added 43,700 BTC.
But on the other hand, mid-sized wallets holding 100 to 1,000 BTC shed 50,500 BTC, while wallets holding 10 to 100 BTC shed another 14,400 BTC. Mid-sized holders sold roughly 64,900 BTC in total.
30-day apparent demand has dropped to around -284,000 BTC, its weakest level since April 2025. In the 16 days since October 29, 14 saw net realized losses, totaling roughly 84,000 BTC.
Early this morning, BTC briefly fell below $64,000, with a 24-hour low of around $63,326.
This whale’s take: whales accumulating doesn’t mean the price will stop falling right away. Their 47,000 BTC in buying hasn’t been enough to absorb the 65,000 BTC in selling pressure, and demand indicators are still negative. But coins are moving from mid-sized holders who can’t hold on to larger players who can. This shakeout is testing people, not coins. The key isn’t how much whales have bought, but when selling pressure finally runs out. A return to positive apparent demand and an end to ETF net outflows would be signs of stabilization. Until then, even the biggest buy orders are just catching a falling knife in slow motion.
