Bitcoin dropped below $90,000 this week as on-chain data reveals a stark divide between large and small investors. The cryptocurrency is currently trading around $89,900 after hitting a low of $89,550 on Tuesday.
Data from Glassnode shows whale wallets holding more than 1,000 BTC have been growing since late October. These large holder addresses fell to a yearly low of 1,354 on October 27 when Bitcoin traded near $114,000. By Monday, this number climbed 2.2% to reach 1,384 wallets, levels not seen in four months.
Small investors appear to be taking a different approach. Wallets holding 1 BTC or more decreased from 980,577 on October 27 to 977,420 on November 17, marking a yearly low for this category.
The pattern suggests whales are accumulating while retail investors sell during the price decline. Bitcoin has fallen from its record high above $126,000 on October 6, erasing roughly $600 billion in market value.
Markus Thielen from 10X Research told Cointelegraph that whale selling continues. He pointed to the October 29 Federal Reserve meeting as a key factor disrupting the balance between buyers and sellers.
“Super-whales and mega-whales are absorbing some of the whale selling, but the 30-day net-flow ratio between these cohorts still shows decisive net selling,” Thielen explained.
Analysis from Bitunix indicates whale short positions now exceed long positions. On-chain metrics show approximately $2.17 billion in shorts versus $1.18 billion in longs.
The sell-off has triggered $19 billion in liquidated leveraged positions last month. Bitcoin ETFs have recorded net outflows for several consecutive weeks, totaling billions of dollars over five weeks.
The Crypto Fear & Greed Index dropped to 11 out of 100, placing market sentiment in the “extreme fear” zone. Derivatives traders have been purchasing put options around the $90,000 to $95,000 range as downside protection.
MicroStrategy announced on Monday it purchased 8,178 Bitcoin at an average price of $102,171. The company spent approximately $835 million on the acquisition, adding to its position as one of the largest corporate Bitcoin holders.
Cameron Winklevoss, co-founder of Gemini crypto exchange, posted on social media that current prices represent “the last time you’ll ever be able to buy Bitcoin below $90k.”
This is the last time you'll ever be able to buy bitcoin below $90k!
— Cameron Winklevoss (@cameron) November 18, 2025
Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC on Monday that current price levels represent a “generational opportunity.” He stated he believes Bitcoin is nearing a bottom.
Analysts are monitoring $100,000 as resistance and $93,000 as key support. TheCryptoDog, a crypto analyst, suggested Bitcoin could tag around $87,700 based on moving average support and horizontal support levels from previous resistance.
I'd say we're in for a bounce soon
If things play out clear and simple, $BTC tags ~87.7k –
Some high TF MA support & horizontal support from previous resistance (the break of which triggered a rally in May). pic.twitter.com/DlIFwYL31c
— The Crypto Dog
(@TheCryptoDog) November 18, 2025
Firms including Glassnode and MarketVector have described the price movement as “scheduled distribution” by long-term holders rather than panic selling. The current correction falls within the 400 to 600 day window after the April 2024 halving when Bitcoin has historically peaked in previous cycles.
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