Bitcoin Price Analysis: BTC Slumps Below $110,000 As Whale Wallets Offload $600M
Bitcoin (BTC) has started November in bearish territory, with the price down nearly 3% to trade around $107,311. The drop came as investors doubted the longevity of the weekend rally, which briefly took BTC past the $111,000 mark.
Selling pressure returned as Bitcoin whales began offloading their holdings. According to on-chain data, whale wallets have offloaded $600 million in BTC, triggering Bitcoin's latest decline.
BTC Has Worst “Uptober” Since 2018
BTC’s “Uptober” streak finally ended as it ended the month in the red for the first time since October 2018. The flagship cryptocurrency ended the month down between 3.5% and 4%, catching even seasoned traders off guard. Market analysts attribute the disappointing performance to the October 10 market crash, which led to over $19 billion in liquidations in 24 hours. BTC has struggled to recover since and traded below the $115,000 level. Selling pressure has intensified in recent sessions, with the price dipping below $110,000.
President Trump’s threats to restrict key software imports and impose 100% tariffs on Chinese imports intensified the ongoing trade war between the US and China, spooking an already jittery market. The Federal Reserve’s delay in implementing additional rate cuts has also weakened investor sentiment. Adam McCarthy, Senior Analyst at Kaiko, stated,
“Even top coins like Bitcoin and Ether can experience 10% drawdowns in minutes. October’s drop was a sharp reminder of how narrow and volatile this market remains.”
Bitcoin Whales Offload $600M In BTC
Exchange data has indicated that Bitcoin whales have offloaded $600 million in BTC, driving renewed sell pressure as prices tumble. As a result, the flagship cryptocurrency fell below $110,000. According to Vikram Subburaj, CEO of Giottus.com, Bitcoin briefly crossed $111,000 over the weekend but retreated as investors remained unconvinced.
“Macro tone has steadied. Volatility drifted lower. The US Fed’s rate-cut messaging has been largely absorbed, and funding markets have normalized. Derivatives positioning shows traders favoring downside hedges. Put skew remains elevated, but calmer conditions point to positioning discipline rather than fear.”
Other prominent traders also dismissed Bitcoin’s weekend rally, with crypto investor and entrepreneur Ted Pillows stating,
“Binance and Coinbase are bidding on $BTC now. I would really appreciate it if they would bid on weekdays too. Another Sunday pump, and we know how this ends.”
Bitcoin OGs Offloading BTC
Two major Bitcoin whales have moved a substantial amount of BTC to exchanges over the past few days, creating unease among traders. According to on-chain data, BitcoinOG (1011short) deposited around 13,000 BTC worth $1.48 billion to Kraken, while early Bitcoin adopter Owen Gunden transferred 3,265 BTC worth $364.5 million to Kraken since October 21. The timing of the transfers has spooked investors, with Bitcoin hovering around $107,500. As a result, investors are speculating whether the whales are preparing to take profits or short positions.
However, analysts have cautioned that the deposits do not mean immediate sales, but often precede periods of heightened market volatility.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) lost the key $110,000 level on Monday as selling pressure returned. The flagship cryptocurrency is down over 3%, trading around $107,191. Bitcoin traded in positive territory over the weekend, rising 1.15% on Friday and settling at $109,555. The price rose 0.45% on Saturday and 0.44% on Sunday to cross $110,000 and settle at $110,536.
BTC’s daily chart indicates more downside over the next few days after forming a bearish death cross, signaling that bearish momentum is prevailing. The flagship cryptocurrency’s price has also dropped below the Supertrend indicator, indicating it remains under selling pressure. Bitcoin’s Average Directional Index and True Strength Index indicators also suggest that its ongoing recovery is not strong enough.
Spot Bitcoin ETFs also registered significant outflows last week. The funds shed over $607 million last week after registering $446 billion in inflows the week prior. Spot Bitcoin ETFs have registered over $61 billion in inflows since their debut, with their net assets at $147 billion.
BTC started the previous weekend on a bullish note, rising 0.84% on Friday and 0.56% on Saturday to settle at $111,666. Bullish sentiment intensified on Sunday as the flagship cryptocurrency rose nearly 3% to cross $114,000 and settle at $114,548. BTC reached an intraday high of $116,410 on Monday. However, it lost momentum after reaching this level and settled at $114,087, ultimately dropping 0.40%. Selling pressure and volatility persisted on Tuesday as the price fell 1.03% to $112,906. Bearish sentiment intensified on Wednesday as BTC fell 2.55% and settled at $110.032.
Source: TradingView
Volatility and selling pressure persisted on Thursday as BTC reached an intraday high of $111,629, fell to an intraday low of $106,279, and settled at $108,308. Despite the overwhelming selling pressure, BTC returned to positive territory on Friday, rising 1.15% and settling at $108,555. Price action remained positive over the weekend, with BTC increasing 0.45% on Saturday and 0.44% on Sunday to settle at $110,536. However, selling pressure has intensified during the ongoing session, with the price down nearly 3% at $107,547.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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