Since October 12, whales have sold 32,500 BTC, while smaller investors have been actively buying during the dip. This divergence in behaviour serves as a warning signal for Bitcoin, experts at Santiment noted.
“Historically, prices tend to follow the direction of whales rather than retail,” they emphasized.
Charles Edwards, founder of Capriole Investments, pointed out the increase in cryptocurrency sales by the oldest holders (over seven years) throughout 2025. Large-scale profit-taking is putting pressure on the asset’s quotes.
Glassnode confirmed that this trend is a key feature of the current Bitcoin cycle.
Using on-chain data, we can dig deeper.
Here, we highlight moments when 7y+ whale wallets spent >1K BTC/hour.
The key distinction in this cycle is that these OG whale high-spending events occurred more frequently throughout, signalling persistent distribution.
?… https://t.co/JFGzjwMYeC pic.twitter.com/aJg2yTl8ur
— glassnode (@glassnode) November 7, 2025
After falling on Friday below $100,000, the price of digital gold briefly recovered to around $103,700. At the time of writing, quotes are holding above $102,000 (CoinGecko).
Bitfinex analysts believe that in the short term, cryptocurrencies face a period of consolidation and some volatility. There will be no “clear surge” to new highs, they stated in a comment for Cointelegraph.
“We believe that the inflow of funds into ETFs in early October pushed the price to around $125,000, but then macroeconomic shocks in the middle of the month, the expiration of large options, and profit-taking pushed it back down to $100,000,” the analysts noted.
According to SoSoValue, on November 6, spot exchange-traded Bitcoin funds attracted $240 million after six days of continuous capital outflows. However, the very next day, investors withdrew more than $558 million from the products.
Bitfinex analysts estimate that a recovery in weekly inflows to BTC-ETFs to $1 billion and an improvement in macroeconomic conditions could give the cryptocurrency a chance to reach $130,000.
Senior analyst at Nansen, Jake Kennis, believes that despite Bitcoin’s traditional year-end growth, “the recent liquidation and market structure collapse make it much less likely in the near future.”
However, if the dynamics “decisively change,” we may see new Bitcoin highs as early as 2025, the expert added.
As reported by JPMorgan, as leverage and relative volatility compared to gold normalize, the first cryptocurrency could rise to $170,000 within the next 6-12 months.
