Bitcoin fell to $96,000 on Friday’s heavy selling and declining risk appetite, leaving traders and analysts wondering whether this is normal profit-taking or a bigger turning point for the market.
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According to on-chain and market reports, the drop has wiped out more than $700 million in long positions, sending November down more than 10%.
Whale transfers attract attention
Reports have revealed that a wallet linked to trader Owen Gunden moved 2,400 Bitcoin – about $237 million – to the Kraken exchange, a transfer tracked by blockchain watcher Arkham.
Based on an analysis by Glassnode, the average daily spend of long-term holders has increased from over 12,000 BTC per day in early July to around 26,000 BTC per day as of this week.
OWEN GUNDEN SOLD ANOTHER $290 Million BTC
Owen Gunden just deleted all remaining BTC from his accounts. He deposited more than half of his holdings directly into Kraken, depositing a total of $290.7 million worth of BTC into Kraken.
He now only has $250 million worth of Bitcoin left. pic.twitter.com/ZUB3aToAgH
— Arkham (@arkham) November 13, 2025
That pattern, Glassnode analysts say, looks more like an orderly distribution by older holders than a sudden mass exit. It is framed as late-cycle profit taking: regular, stable and diversified.
According to Santiment, Bitcoin has fallen below $100,000 for the second time this month, prompting an outpouring of fear and concerned messages from retailers.
📉 Bitcoin has dropped below $100,000 for the second time this month. Predictably, this has caused a wave of FUD and concerned social media posts from retailers. As shown below:
🟥: Significant bullish/greedy bias (usually when markets get too much FOMO, prices will rise… pic.twitter.com/rowUv3xIMd
— Santiment (@santimentfeed) November 13, 2025
No meltdown: signals in the late cycle and measurements in the chain
Vincent Liu, CIO at Kronos Research, revealed that structured selling and steady earnings rotation often occur in late cycle phases.
He cautioned that this phase does not automatically mean a final peak, provided there are still buyers ready to absorb the additional supply.
Just because the market is in a late cycle does not mean the market has reached a ceiling, he pointed out. It just shows that momentum has waned and larger forces like macro trends and liquidity are now in control, he said.
“Doubts about the rate cut and recent market weakness have slowed the rise, not stopped it,” Liu said. In other words, there is no meltdown or anything like that.
Indicators in the chain are closely monitored; Bitcoin’s net unrealized profit ratio was almost 0.476, a level that some traders say signals the onset of a near-term low.
This value is just one of many signals, Liu added, and should be monitored alongside liquidity and macro conditions.
A closer look at the monthly average spending by long-term holders reveals a clear trend: outflows have increased from around 12.5k BTC/day in early July to 26.5k BTC/day today (30D-SMA).
This steady increase reflects increasing distribution pressure from older investor cohorts – a… pic.twitter.com/wECe58CV66— glassnode (@glassnode) November 13, 2025
Market pain came from stocks and prices
The cryptocurrency sale came as crypto-related stocks plummeted. Broader markets were also weak, with the Nasdaq down 2% and the S&P 500 down 1.3%.
Cipher Mining fell 14%, Riot Platforms and Hut 8 fell 13%, while MARA Holdings and Bitmine Immersion fell more than 10%. Coinbase and Strategy fell about 7%.
Reports indicate that large institutional flows have put pressure on prices. Companies like BlackRock, Binance, and Wintermute reportedly sold more than $1 billion worth of Bitcoin, a selloff that saw a rapid 5% decline within minutes.
Meanwhile, social sentiment turned sharply negative, and as a result, the Crypto Fear & Greed Index reached a reading of 15 “extreme fear” among traders.
Featured image from Unsplash, chart from TradingView