Bitcoin’s price continues to struggle, slipping below $102,000 as conviction among its oldest holders weakens. The world’s largest cryptocurrency has fallen nearly 20% from last month’s peak above $126,000, with selling pressure now driven less by leverage and more by long-term holders taking profits.
According to a Nov. 5 Bloomberg report, wallets that had held Bitcoin for six to twelve months have offloaded around 400,000 BTC worth roughly $45 billion over the past month. Analysts say this shift reflects profit-taking after 2025’s strong rally and waning confidence among investors who had previously held through volatility.
Spot selling replaces leverage unwinds
Data from 10x Research suggests that whales holding between 1,000 and 10,000 BTC have been trimming exposure since mid-year, with new demand unable to absorb the selling volume.
People are underwater; they need to close their positions. Meanwhile, K33 Research’s Vetle Lunde noted that over 319,000 BTC previously inactive for months have been reactivated most of it through real sales rather than internal transfers. The activity reflects renewed selling pressure rather than speculative leverage unwinds.
While liquidations in the past 24 hours totaled over $2 billion, this remains well below the $19 billion seen during October’s major crypto crash. Still, the persistent selling has undermined institutional efforts to stabilize price momentum.
Whale accumulation slows amid weakening sentiment
Accumulation among mid-size investors has also cooled sharply. Wallets holding between 100 and 1,000 BTC have significantly reduced their purchases, signaling soft institutional demand and cautious sentiment across the board.
If current trends persist, analysts warn that Bitcoin could consolidate or drift lower, with $85,000 emerging as a potential downside target before any meaningful recovery.