Whales dump $45.000 billion in Bitcoin and trigger panic in the market

Large investors have liquidated thousands of Bitcoins in recent weeks, triggering a rapid correction and strong nervousness in the market for the world's largest cryptocurrency.

Bitcoin investors are experiencing a time of great tension. In recent weeks, so-called "whales"—those large holders who control significant amounts of this cryptocurrency—have been selling massivelyIt is estimated that nearly 400.000 BTC have been liquidated, equivalent to approximately $45.000 billion. This sale has had a significant impact on both available liquidity and overall market sentiment.

Owen Gunden succumbed to the bearish pressure

Among the most talked-about selling episodes this month is that of Owen Gunden, a Bitcoin arbitrage pioneer who acquired his first coins in 2011. According to data According to Arkham Intelligence, Gunden reportedly sold his entire stockpile of 11.000 BTC, valued at $1.300 billion, after 14 years of inactivity. 

In the last month, this pioneer transferred over $344 million to an exchange, reducing his crypto fortune from $1.400 billion in July to $561 million in November. This dropped him from being the third richest crypto billionaire to eighth place, behind figures like Satoshi Nakamoto and Justin Sun.

According to experts, Gunden's case reflects a broader market trend, in which whales have taken advantage of the bull market to realize profitsintensifying selling pressure at a time of technical correction. 

The data analyzed by CryptoQuant also confirmed that massive BTC sell-offs occurred. However, Glassnode analysts caution that this behavior should not be interpreted as a sudden exodus, but rather as a typical profit-distribution phase in late-stage crypto market cycles.

What's behind Bitcoin's current drop?

Bitcoin had been on an extraordinary rise in recent years, taking its price from $16.529 at the end of 2022 to over $126.000 in October, registering an increase of more than 600% in less than three years. However, after reaching this new high, the cryptocurrency's price suffered a correction of more than 35%, falling to levels close to $82.000 this month. According to experts, selling pressure from whales, coupled with the liquidation of leveraged positions worth billions, accelerated the decline.

Beyond internal market dynamics, macroeconomic and geopolitical factors have been the primary drivers of this correction. The partial US government shutdown, trade tensions with China, and temporary restrictions on rare earth exports have weakened the global financial environment. Furthermore, the Federal Reserve cut interest rates in October, as analysts anticipated, but in a more cautious and less stimulative manner than expected, preventing Bitcoin from experiencing an immediate rebound.

The Bitcoin futures market is losing momentum

CryptoQuant's latest analysis provides an additional angle: the Bitcoin futures market has shifted from being dominated by whales to increasingly relying on retail traders. 

In a report published this week, the platform's analysts said that the Average Futures Order Size shows a reduction in participation from large players, with smaller trades led by retail investors. Furthermore, the Futures Volume Bubble Map reflects a neutral environment, with less trading activity compared to two months ago. Even among retail investors, participation is declining. they saidbecause the number of active traders has been reduced to the category of "few", further weakening market liquidity.

Taken together, these indicators suggest the market is facing a double blow: whales have reduced their activity, and retail investors are no longer contributing enough volume to sustain a rally. CryptoQuant warns that, barring a return of institutional demand or a significant retail surge, Bitcoin could remain under pressure in the short term.

Beyond the fall: a look ahead

Despite the current pullback, Bitcoin maintains a market capitalization exceeding one trillion dollars, highlighting its resilience as an asset. Data reveals that open interest in futures remains low, while put options are hovering around $80.000, reflecting the current caution of traders and market participants. 

Given this scenario, analysts agree that the market is in a waiting phase and that it is still unclear whether the correction has ended or will continue. However, what is certain is that these types of adjustments are common in high-growth assets after prolonged bull markets. Therefore, for many, the key will be to monitor both macroeconomic fundamentals and the evolution of investor sentiment.