Bitcoin fell below $90,000 this week for the first time in seven months, and big transfers have surged.
According to Santiment, more than 102,000 transactions above $100,000 and roughly 29,000 transactions above $1 million were recorded over the recent stretch — a level that could make this the most active whale week of 2025.
Whale Counts Climb As Small Holders Fall Back
Based on Glassnode figures, the number of addresses holding at least 1,000 BTC rose to 1,384 from 1,354 about three weeks earlier, a 2.2% rise and the highest count in four months.
At the same time, wallets with one BTC or less slipped to about 977,420 from 980,577 late in October, showing smaller holders are thinning out.
Those two trends together have some market watchers reading a shift from panic selling toward larger buyers taking positions.
Bitcoin’s whales have gotten more and more active as prices have dumped over the past six weeks. So far this week, we have seen:
Over 102.9K Whale Transactions exceeding $100K
Over 29K Whale Transactions exceeding $1M
This week has a good chance of ending up as the… pic.twitter.com/oHsnMfEjgP
— Santiment (@santimentfeed) November 19, 2025
Traders And Analysts See Two Things At Once
Some traders argue the big transfers are plain buying. Others say the pattern looks like forced selling by leveraged accounts, followed by accumulation as the market finds a new base.
One on-chain observer flagged repeated, time-bound selling that could be tied to liquidation events, a pattern that might end once available supply dries up or liquidations stop.
Market Sentiment Has Turned Very Negative
Sentiment gauges show fear is strong. Reports put the Crypto Fear & Greed Index near 11, a reading inside the “extreme fear” zone, and on-chain short-term holder measures have weakened, with the STH Realized Profit-Loss Ratio dipping below levels often seen around local lows.
Taken together, those readings suggest many recent buyers are underwater and that capitulation has been intense.
If large transfers recorded by Santiment were mostly outbound from exchanges, that would look like accumulation into cold storage or OTC custody and could reduce sell pressure.
If those moves were inbound to exchange wallets, the same flows could point to distribution. Right now, the data show a mixture: big holders are increasing their counts while weaker hands exit, which can support a stabilizing bottom, but it also leaves room for short-term swings if another forced seller appears.
Several market participants described the move as a “washout” that clears short-term froth. Others noted that news events — from major earnings to macro headlines — have amplified twitch trading and sudden swings, which can trigger both big transfers and sudden price drops.
A handful of asset managers say they are seeing buying at discounted prices while retail participation cools.
Featured image from Gemini, chart from TradingView
