Bitcoin fell under $90,000 this week for the primary time in seven months, and large transfers have surged.
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According to Santiment, greater than 102,000 transactions above $100,000 and roughly 29,000 transactions above $1 million had been recorded over the latest stretch — a stage that would make this essentially the most lively whale week of 2025.
Whale Counts Climb As Small Holders Fall Back
Based on Glassnode figures, the variety of addresses holding a minimum of 1,000 BTC rose to 1,384 from 1,354 about three weeks earlier, a 2.2% rise and the best rely in 4 months.
At the identical time, wallets with one BTC or much less slipped to about 977,420 from 980,577 late in October, exhibiting smaller holders are scaling down.
Those two developments collectively have some market watchers studying a shift from panic promoting towards bigger patrons taking positions.
📊 Bitcoin’s whales have gotten increasingly more lively as costs have dumped over the previous six weeks. So far this week, we now have seen:
🐋 Over 102.9K Whale Transactions exceeding $100K
🐳 Over 29K Whale Transactions exceeding $1M😮 This week has probability of ending up because the… pic.twitter.com/oHsnMfEjgP
— Santiment (@santimentfeed) November 19, 2025
Traders And Analysts See Two Things At Once
Some merchants argue the massive transfers are plain shopping for. Others say the sample appears like compelled promoting by leveraged accounts, adopted by accumulation because the market finds a brand new base.
One on-chain observer flagged repeated, time-bound promoting that may very well be tied to liquidation occasions, a sample that may finish as soon as accessible provide dries up or liquidations cease.
Market Sentiment Has Turned Very Negative
Sentiment gauges present worry is powerful. Reports put the Crypto Fear & Greed Index close to 11, a studying contained in the “extreme fear” zone, and on-chain short-term holder measures have weakened, with the STH Realized Profit-Loss Ratio dipping under ranges usually seen round native lows.
Taken collectively, these readings recommend many latest patrons are underwater and that capitulation has been intense.
If giant transfers recorded by Santiment had been principally outbound from exchanges, that will appear to be accumulation into chilly storage or OTC custody and will scale back promote stress.
If these strikes had been inbound to change wallets, the identical flows may level to distribution. Right now, the info present a mix: large holders are growing their counts whereas weaker arms exit, which might help a stabilizing bottom, nevertheless it additionally leaves room for short-term swings if one other compelled vendor seems.
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Several market members described the transfer as a “washout” that clears short-term froth. Others famous that information occasions — from main earnings to macro headlines — have amplified twitch buying and selling and sudden swings, which might set off each large transfers and sudden worth drops.
A handful of asset managers say they’re seeing shopping for at discounted costs whereas retail participation cools.
Featured picture from Gemini, chart from TradingView
