Bitcoin fell below this $90,000 this week for the first time in seven months, and major transfers have soared.
Related reading
According to SantimentMore than 102,000 transactions above $100,000 and roughly 29,000 transactions above $1 million have been recorded in the recent period – a level that could make this the most active whale week of 2025.
Whale numbers are increasing while small keepers are declining
Based on Glass junction Figures show that the number of addresses holding at least 1,000 BTC increased from 1,354 about three weeks earlier to 1,384, an increase of 2.2% and the highest number in four months.
At the same time, wallets holding one BTC or less have fallen from 980,577 at the end of October to around 977,420, indicating that smaller holders are thinning out.
These two trends together show some market observers a shift from panic selling to bigger buyers taking positions.
📊 Bitcoin’s whales have become increasingly active as prices have fallen over the past six weeks. So far this week we’ve seen:
🐋 Over 102.9k whale transactions over $100,000
🐳 Over 29,000 whale transactions over $1 million😮 This week has a high chance of ending like the… pic.twitter.com/oHsnMfEjgP
— Santiment (@santimentfeed) November 19, 2025
Traders and analysts see two things at once
Some traders argue that the large transfers are merely purchasing behavior. Others say the pattern resembles forced selling through leveraged accounts, followed by accumulation as the market finds a new footing.
One observer in the chain noted repeated, time-sensitive sales that could be related to liquidation events, a pattern that could end once available supply dries up or liquidations stop.
Market sentiment has become very negative
Sentiment meters show that fear is high. Reports place the Crypto Fear & Greed Index at almost 11, a value within the “extreme fear” zone, and measures for short-term holders in the chain have weakened, with the STH realized P/E ratio falling below levels often seen around local lows.
Taken together, these readings suggest that many recent buyers are underwater and the capitulation has been intense.
If the large transfers recorded by Santiment were largely from exchanges, that would resemble cold storage or OTC custody accumulation and could reduce selling pressure.
If these movements were inbound to exchange portfolios, the same flows could indicate distribution. Right now, the data shows a mixed picture: big holders are increasing their counts, while weaker hands are leaving, which could support a stabilizing trend. bottombut it also leaves room for short-term fluctuations if another forced seller appears.
Related reading
Several market participants describe this step as a “washout” that clears up foam in the short term. Others noted that news events – from big earnings reports to macro news – have amplified twitch trading and sudden swings, which can cause both large transfers and sudden price drops.
A handful of asset managers say they are buying at discounted prices as retail participation cools.
Featured image of Gemini, chart from TradingView