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BTC drops 5.47% as large investor moves and ETF withdrawals contribute to market downturn

BTC drops 5.47% as large investor moves and ETF withdrawals contribute to market downturn

Bitget-RWA2025/11/24 16:02
By:Bitget-RWA

- Whale 0x5D2 holds a $106M 20x BTC short with $29.8M unrealized profit, adjusting take-profit to $67,000 amid falling prices. - A second whale adds $87.6M 3x BTC short, pushing Bitcoin below $92,000 liquidation threshold as bearish pressure intensifies. - U.S. Bitcoin ETFs see $3.5B November outflows, with BlackRock’s IBIT accounting for 63% of redemptions, accelerating BTC’s 21% monthly drop. - CEX outflows hit 29,194 BTC in seven days, while Binance gains 16,353 BTC inflow, signaling liquidity consolida

Whale 0x5D2 Leads BTC Short with $29.8M in Unrealized Gains

An influential on-chain trader, dubbed the "Ultimate Bear" (0x5D2), continues to impact Bitcoin’s short-term market direction through recent actions. As of November 24, 2025, this whale holds a 20x-leveraged

short position, first established on May 9, now valued at $106 million. The average entry price is $111,500, and the position currently shows an unrealized profit of $29.78 million.

BTC drops 5.47% as large investor moves and ETF withdrawals contribute to market downturn image 0

This whale has revised its take-profit target to $67,000, lowering it from the previous $89,000–$91,000 range. This adjustment reflects a more bearish stance as

continues to face downward pressure, having dropped 5.47% in the last week. A notable risk indicator has appeared: the estimated liquidation price has decreased from $105,700 to $92,000 over the past ten days. As a result, about 5.75% of the position is now at risk of liquidation if BTC’s decline persists.

The whale has been actively managing the trade. Since October 11, 40% of the short has been closed, locking in $5.17 million in realized profits. Additionally, $34.09 million in margin was withdrawn this month, and $40 million was moved to a Binance wallet. These moves highlight a careful approach to both risk and profit-taking.

Second Whale Increases Pressure with $87.58M Short Bet

Another major player, known among traders as the “Pension Fund,” has also taken a bearish stance. Within the last three hours, this whale opened a 3x-leveraged BTC short worth $87.67 million. With a liquidation price at $119,000, this is now the second-largest BTC short on Hyperliquid, just behind the 0x5D2 position. This action points to growing pessimism among large holders, adding to the selling pressure during a period of overall market weakness.

ETF Withdrawals and Institutional Moves Deepen BTC’s Slide

Bitcoin’s recent struggles are also being fueled by significant changes in institutional strategies. U.S. Bitcoin ETFs have experienced $3.5 billion in net withdrawals in November, marking their worst month since launching in early 2024. BlackRock’s iShares Bitcoin Trust (IBIT), which dominates the ETF space, has seen $2.2 billion in redemptions alone.

These outflows are amplifying the sell-off: for each $1 billion withdrawn from ETFs, Bitcoin’s price typically falls by about 3.4%. This has contributed to BTC’s 21.04% decline over the past month. Meanwhile, institutions are adjusting their crypto allocations, with $5.4 billion in MicroStrategy (MSTR) shares sold off in Q3 2025 as managers shift toward direct BTC exposure through spot ETFs and custody services.

Market Turbulence Grows as CEX Outflows Hit Record Highs

On-chain data from exchanges further illustrates the extent of the selloff. Centralized exchanges (CEXs) have seen a net withdrawal of 29,194.49 BTC in the last week, with Bitmex, Coinbase Pro, and Gemini leading in outflows. In contrast, Binance has posted a net inflow of 16,353.35 BTC, suggesting a possible change in where liquidity is accumulating.

Summary: Bearish Trend Likely to Persist Without Major Buying

The combination of aggressive whale shorting, ETF outflows, and shifting CEX liquidity has created a challenging environment for Bitcoin’s price. Technical analysis indicates BTC may test the $85,000 support level next, and without significant institutional buying or a broader shift in risk appetite, further declines remain likely. Unless there is a fundamental change in market structure, Bitcoin is expected to stay in a bearish consolidation phase for the foreseeable future.

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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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