Breaking below $100,000 is just the beginning? Bitcoin "Whale" has sold off $45 billion in just one month, and the selling spree may continue until spring next year.

Bitcoin fell below $100,000, which may signal a new round of more intense dumping, as there are signs indicating that this time the downward pressure on the market is not due to leveraged liquidations, but rather the continuous selling by long-term holders.
On November 5th, Bitcoin once fell by 7.4%, dropping below $100,000 for the first time since June, and has accumulated a decline of more than 20% from the historical high reached a month ago.
Market data shows that approximately $2 billion in cryptocurrency positions were liquidated in the past 24 hours, significantly lower than the $19 billion during last month's crash. Bitcoin futures open interest remains low, indicating that leverage is no longer a dominant force.
According to Markus Thielen, head of 10x Research, long-term Bitcoin holders have sold approximately 400,000 Bitcoins worth about $45 billion in the past month, leading to an imbalance in market supply and demand.
Analysts warn that this wave of dumping may last until spring next year, and Bitcoin could fall further to $85,000.
Spot selling dominates, and the market dynamics are changing.
The core characteristic of this round of decline is the continuous selling pressure in the spot market, rather than the chain reaction of futures liquidation that cryptocurrency traders have become accustomed to recently. In the past 24 hours, approximately $2 billion in cryptocurrency positions were liquidated, which seems trivial compared to the $19 billion during last month's crash.
K33 Research Director Vetle Lunde stated that over 319,000 Bitcoins have been reactivated in the past month, mainly from coins held for 6 to 12 months. "This indicates that there has been a large-scale profit-taking since mid-July. While some of the reactivations are due to internal transfers, many reflect real selling behavior."
Bitcoin futures open interest remains low, while options traders are betting on put options at the $80,000 level. In the context of relatively calm leverage, the market focus has shifted to long-term holders who choose to sell.
"Whale" stops buying, dumping wave may continue until spring next year
Markus Thielen pointed out that the increasing imbalance between long-term holders selling Bitcoin and new buyers entering the market is beginning to shape the market direction, not just on an emotional level.
If the crash in October was a forced dumping, then the current pullback may reflect a more alarming phenomenon: faith is crumbling.
Earlier this year, Thielen observed that "super whales" (entities holding between 1,000 to 10,000 Bitcoins) began to sell off in large amounts when institutional investors were trying to absorb the supply. However, since the crash on October 10, broader demand has faded.
Thielen said: "We have broken through some on-chain metrics – people are in a loss state, and they need to close their positions." Overall, the accumulation of the group holding 100 to 1000 Bitcoins has sharply declined. "Whales are not buying at all," he said.
Looking ahead, Thielen warned that this selling may continue into next spring. During the 2021-2022 bear market, large holders sold more than 1 million Bitcoins over nearly a year, and Thielen believes this scale could repeat.
"If the speed is similar, we may see this situation continue for another six months."
He did not predict a catastrophic fall, but believes there is room for further decline. "I do not believe in cyclical theory," Thielen said, "but I think we will see some consolidation and may possibly dip slightly lower from here. $85,000 is my maximum downside target."
This article is from Wall Street Watch, welcome to download the APP to see more.