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Whale Accumulation Spikes as BTC Breaks Below $90k - End of November 2025
Crypto Sell Off Continues As Bitcoin Plunges Below $90k
The crypto market plunged into extreme fear this week, with Bitcoin dipping below $90,000 for the first time since April. With just over a month left in 2025, Bitcoin is now down year-to-date, signaling renewed bearish sentiment across digital assets.
The total crypto market capitalization has dropped 27% from October’s highs of $4.2 trillion to around $3 trillion. Key catalysts behind the decline include:
Major outflows: Friday, November 14, saw the second-largest outflow since spot ETFs began trading.
Macro headwinds: Persistent risk-off sentiment driven by weaker U.S. economic data.
Leverage unwind: Heavy liquidations of long positions, wiping out nearly six months of accumulated long-side liquidity.
On the altcoin front, performance has been mixed. Hyperliquid continues to hold steady, remaining range-bound mainly between $43 and $36, despite broader market weakness. Ethereum ($ETH) and Solana ($SOL) have fared slightly better than most altcoins but continue to make lower lows, with ETH breaching $3,000 and SOL slipping below $130.
Meanwhile, the probability of a Fed rate cut in December has been re-priced down to roughly 54%, further dampening bullish sentiment across risk assets.
Where Might Bitcoin Find A Bottom? As Bitcoin continues to make lower lows, many will be wondering where this current downtrend might end. Some data points to consider:
Bitcoin could find support at last cycle’s all-time highs in the $70k region. In 2022, the market found a bottom at $15k, close to the 2017 all time high ($20k)
In all previous bear markets, Bitcoin found a bottom at or near 30 on the weekly Relative Strength Index
The Bitcoin ETF average purchase price is $90k, which could be defended by bulls
In historical cases, Bitcoin has typically found a bottom roughly one year after it reaches a cycle top
With the above in mind, traders may want to watch the price action at the following levels to see if buyers step in: $70k (former ATH region), $75k (former support), and $90k (ETFs' average entry price).
Featured KOL Insight
Crypto Wipes Out 2025 Gains This week, Jim Bianco of Bianco Research highlights the crypto market’s relative weakness compared to other asset classes.
Looking back on 2025, many other markets have outperformed BTC, including Gold and the Nasdaq. Summary:
Bitcoin and Ethereum are now down on the year and on course to be one of the worst-performing asset classes of 2025
$59 billion has flowed into the original 10 Bitcoin Spot ETFs since their inception in January 2024, with an average purchase price of ~$90k
As things stand, had this capital stayed in money market funds over the last 22 months, it would have a larger unrealized gain
At $100k, 57% of all the dollars invested in Bitcoin are now underwater, according to data by Check on Chain.
U.S. Consumer Price Index (CPI) — potentially due in November (pending US government reopening).
October CPI and core CPI figures will shape expectations for the Fed’s next policy steps. Inflation surprises have historically sparked sharp reactions in BTC and ETH.
Avalanche (AVAX) Granite Mainnet Upgrade —November 19th introduces faster dynamic block times, biometric authentication, and more efficient cross-chain messaging.
ETH Fusaka upgrade —December 3rdEthereum’s next major upgrade, Fusaka, aims to provide new improvements to network scalability, transaction speeds, and lower fees.
Cboe to Debut Bitcoin, Ether ‘Perpetual-Style’ Crypto Futures —December 15thThe contracts are cash-settled, feature 10-year expirations, and use daily funding to track spot prices without requiring rollovers. Designed for institutional and advanced retail traders, the products aim to offer long-term crypto exposure within a CFTC-regulated framework.
Onchain
On-Chain Metrics Indicate Accumulation
On-chain analytics suggest that traders are quietly accumulating during the sell-off.
On-chain Analyst MorenoDV explains on CryptoQuant that: ‘Long-term capital is stepping in aggressively, while short-term sentiment is capitulating.’
Long-term “strong hands” have been accumulating Bitcoin at a record pace, rising from 159k to 345k BTC since October 6, a level of demand previously associated with market tops rather than falling prices. This creates an unusual divergence: long-term, price-insensitive holders are accumulating aggressively while short-term sentiment is capitulating, and the market continues to drop.
Historically, such surges in deep-pocketed demand resolve in one of two ways: a sharp rally once retail selling exhausts and supply tightens, or a final leg down that flushes remaining buyers before a durable trend forms.
Either outcome suggests this imbalance is unlikely to persist, and the eventual move is typically forceful. Further, Glassnode reveals that:
The number of whales holding more than 1,000 bitcoin spiked in the last week, indicating that some entities are accumulating
Whales holding more than 10,000 BTC are no longer heavy sellers
Wallets holding less than 1 BTC currently represent the biggest accumulators
While the broader crypto market continues to sell off and sentiment is reaching extremes, on-chain metrics hint at a possible reversal as coins move from short-term weak hands to long-term hodlers.
What is clear is that Bitcoin is now in an established higher-time-frame downtrend, and it will likely take time for a meaningful and sustainable reversal to materialize.
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