Bitcoin Update: Large Holders Depart and Economic Instability Push Bitcoin Under $100K

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Bitcoin Update: Large Holders Depart and Economic Instability Push Bitcoin Under $100K

Bitget-RWA2025/11/07 19:12

By:Bitget-RWA

- Bitcoin fell below $100,000 as OG whales BitcoinOG and Owen Gunden moved $1.8B BTC to exchanges, signaling bearish bets. - $260M in long positions liquidated amid SOPR spikes, while Trump's crypto policies and China's $20.7B BTC holdings added macro risks. - Bit Digital staked 86% of ETH holdings for 2.93% yield, while Coinbase's negative premium highlighted waning U.S. buyer demand. - Analysts warn consolidation phases often follow whale profit-taking, with geopolitical tensions and derivatives volatili

On November 3, 2025, Bitcoin’s value plunged beneath $100,000 as significant selling from long-standing “OG” whales unsettled the market. According to blockchain analytics provider Lookonchain, two major players—BitcoinOG, a seasoned short-seller adept at capitalizing on market downturns, and Owen Gunden, who has been accumulating Bitcoin since the Satoshi era—shifted substantial

BTC

assets to exchanges, which was interpreted as a sign of possible bearish strategies, as reported by

Yahoo Finance

Bitcoin Update: Large Holders Depart and Economic Instability Push Bitcoin Under $100K image 0

BitcoinOG, who profited $197 million by shorting BTC during the October 10 downturn, has since transferred over $1.48 billion in BTC to Kraken, Binance, and Hyperliquid, with recent transactions including 500 BTC ($55 million) to Kraken, the report stated. Gunden, who amassed 15,000 BTC over several years, moved $364.5 million worth of BTC to Kraken in large segments, prompting speculation about whether he was taking profits or adjusting his portfolio.

This wave of selling happened alongside broader market instability. Data from CoinGlass indicated that $260 million in long positions were wiped out within four hours, and the Spent Output Profit Ratio (SOPR) for short-term holders surged—a trend historically associated with periods of price stabilization, according to

CoinDesk

. At the same time, “Bitcoin OG” increased his exposure to BTC and

ETH

by depositing $20 million in

USDC

, though these investments are now showing combined unrealized losses of more than $3.5 million, according to

BeInCrypto

. Other whales, such as the “Anti-CZ Whale,” switched from shorting ETH to opening $109 million in long positions, further illustrating the high volatility in crypto derivatives markets, as the same source noted.

The sell-off gained momentum amid rising macroeconomic concerns. U.S. President Donald Trump’s executive order to halt crypto enforcement and create a Strategic

Bitcoin

Reserve—funded by seized assets—introduced more uncertainty, according to

Bitget

. Strategy (formerly MicroStrategy), a major corporate Bitcoin investor, acquired 397 BTC for $45.6 million, bringing its total holdings to $69.1 billion. Nevertheless, after this purchase, BTC’s price dropped below $109,000, signaling reduced investor enthusiasm. The Coinbase premium also turned negative, showing that U.S. buyers were no longer willing to pay extra for BTC, a shift later discussed by CoinDesk.

Institutional moves continued to influence the market. Bit Digital Inc. announced that it had staked 86.3% of its 153,546 ETH holdings, earning a 2.93% annualized yield, as reported by

Morningstar

. Meanwhile, large Ethereum holders realized $40 million in daily profits from WBTC, USDT, and USDC, indicating a broader rotation of capital—a trend also highlighted by CoinDesk.

The market’s vulnerability was further highlighted by China’s increasing presence. Despite a domestic ban on crypto, Chinese investors reportedly hold 194,000 BTC ($20.7 billion), according to Bitget. Trump’s remarks about China’s advancements in blockchain and AI fueled additional concerns about the U.S. losing its economic edge, as noted in the same report.

With Bitcoin at a pivotal point, analysts point out that previous waves of profit-taking have often led to two to four months of price consolidation, a pattern CoinDesk has observed repeatedly. As whale activity and geopolitical issues intersect, the market’s future remains highly uncertain.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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