Bitcoin Whale Selling Doesn’t Point To A Crypto Meltdown
Bitcoin dropped to $96,000 on heavy promoting Friday, and falling danger urge for food, leaving merchants and analysts parsing whether or not that is regular profit-taking or a bigger turning level for the market.
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In line with on-chain and market studies, the drop worn out greater than $700 million in lengthy positions and left November down by greater than 10%.
Whale Transfers Draw Focus
Stories have disclosed {that a} pockets tied to dealer Owen Gunden moved 2,400 Bitcoin — about $237 million — onto the Kraken trade, a switch tracked by blockchain watcher Arkham.
Primarily based on evaluation by Glassnode, long-term holders’ common each day spending rose from over 12,000 BTC per day in early July to roughly 26,000 BTC per day as of this week.
OWEN GUNDEN JUST SOLD ANOTHER $290M BTC
Owen Gunden simply moved all the remaining BTC out of his accounts. He deposited over HALF of his holdings immediately into Kraken, depositing a complete of $290.7M of BTC into Kraken.
He now has solely $250M of Bitcoin remaining. pic.twitter.com/ZUB3aToAgH
— Arkham (@arkham) November 13, 2025
That sample, Glassnode analysts say, seems to be like orderly distribution by older holders somewhat than a sudden mass exit. It’s being framed as late-cycle profit-taking: common, regular, and unfold out.
In line with Santiment, Bitcoin has fallen beneath $100K for the second time this month, triggering a burst of concern and nervous posts from retail merchants.
📉 Bitcoin has dumped beneath $100K for the second time this month. Predictably, this has triggered a wave of FUD and anxious social media posts from retail merchants. As proven beneath:
🟥: Important bullish/grasping bias (often when markets are getting an excessive amount of FOMO, costs will go… pic.twitter.com/rowUv3xIMd
— Santiment (@santimentfeed) November 13, 2025
No Meltdown: Late-Cycle Alerts And On-Chain Readings
Vincent Liu, CIO at Kronos Analysis, disclosed that structured promoting and regular rotation of positive factors usually present up in late-cycle phases.
He cautioned that this section doesn’t robotically sign a last peak, offered there are nonetheless patrons prepared to absorb the additional provide.
Being in a late cycle doesn’t imply the market has hit a ceiling, he identified. It simply reveals momentum has eased, and larger forces like macro tendencies and liquidity are actually in management, he stated.
“Fee-cut doubts and up to date market weak spot have slowed the climb, not ended it,” Liu stated. In different phrases, there’s no meltdown or something prefer it.
On-chain indicators are being watched intently; Bitcoin’s internet unrealized revenue ratio stood close to 0.476, a degree some merchants interpret as hinting at short-term lows forming.
That studying is just one of a number of indicators, Liu added, and have to be tracked alongside liquidity and macro circumstances.
A more in-depth take a look at the month-to-month common spending by long-term holders reveals a transparent development: outflows have climbed from roughly 12.5k BTC/day in early July to 26.5k BTC/day at the moment (30D-SMA).
This regular rise displays rising distribution strain from older investor cohorts — a… pic.twitter.com/wECe58CV66— glassnode (@glassnode) November 13, 2025
Market Ache Got here From Shares And Charges
The cryptocurrency sell-off got here as crypto-related shares plunged. Broader markets have been weak as properly, with the Nasdaq down 2% and the S&P 500 off 1.3%.
Cipher Mining fell 14%, Riot Platforms and Hut 8 dropped 13%, whereas MARA Holdings and Bitmine Immersion slid over 10%. Coinbase and Technique have been down about 7%.
Primarily based on studies, giant institutional flows have pressured costs. Companies together with BlackRock, Binance and Wintermute reportedly bought greater than $1 billion in Bitcoin, a wave of promoting that produced a fast 5% drop inside minutes.
In the meantime, social sentiment turned sharply damaging, and the Crypto Concern & Greed Index hit 15, reflecting “extreme fear” amongst merchants.
Featured picture from Unsplash, chart from TradingView
