The number of Bitcoin whale wallets holding 1,000+ BTC has increased by 2.2% to 1,384, reaching a four-month high as of November 17, 2025, while retail wallets have decreased to an annual low of 977,420.
The Fear and Greed Index for cryptocurrencies has dropped to 11, indicating extreme fear as Bitcoin trades below $90,000, with $87,700 as a key support.
On-chain signals indicate selling exhaustion and capital rotation, but analysts remain divided on whether the current level is the market bottom or just a temporary pause.
The number of large Bitcoin holders has increased, with the number of wallets holding at least 1,000 BTC reaching a four-month high of 1,384. At the same time, the number of individual investors holding 1 BTC or less has dropped to an annual low of 977,420.
These divergences highlight a recurring pattern: seasoned whales buy during pullbacks, while smaller holders exit the market due to fear.
Whale accumulation is accelerating during the market correction.
According to Glassnode data, the number of wallets holding at least 1,000 BTC has risen to 1,384 this week from 1,354 three weeks ago - a 2.2% increase. This number is the highest for large wallets in four months, suggesting renewed confidence among institutional and high-net-worth investors despite the broader market turmoil.
Meanwhile, the number of wallets containing 1 BTC or less has decreased to 977,420 - down from 980,577 in late October. This marks the lowest level of participation from small holders in a year. It follows the usual pattern of less experienced investors capitulating during price corrections.
Bitcoin has experienced its third-largest decline in the current cycle, having lost over 25% from its all-time high six weeks ago. Bitcoin opened on Wednesday near $92,600 and traded within a choppy range between $92,200 and $92,800 throughout the morning session in Asia, reflecting typical volatility as traders navigate between support and resistance.
Historical trends suggest that whale accumulation amidst retail selling often precedes stabilization. Currently, only 7.6% of the supply for short-term holders is in profit - a level typically seen at cycle bottoms. Additionally, the ratio of realized profits and losses for short-term holders has dropped below 0.20, another metric that often aligns with market bottoms.
Capital is flowing within cryptocurrency markets.
The cryptocurrency fear and greed index remains at 11 out of 100 for two days, reflecting deep fear in the market. Sentiment on social media has turned sharply negative. Traders are sharing jokes about returning to traditional jobs and expressing doubts about a quick recovery.
According to Coinglass's long/short ratio for Bitcoin, the overall trend shows continued downward pressure, as traders are consistently positioning for price declines. However, sentiment has occasionally shifted toward optimism before returning to predominantly negative expectations.
Some market watchers view this extreme pessimism as a contrarian signal. Sentiment is shrinking, leverage is lower in derivatives markets, and whale accumulation continues. According to Bitfinex's on-chain analysis, selling exhaustion is evident, and capital is rotating within cryptocurrency markets instead of fully exiting.
Open interest for the BTC/USDT pair is around 100K, indicating stronger participation from traders even amidst declining prices. Typically, this scenario - increasing open interest and falling prices - signals bearish sentiment, possibly driven by aggressive short selling. However, the pace of sales and realized losses has begun to stabilize, suggesting a potential shift to a consolidation phase.
Bob Diamond, former CEO of Barclays and current head of Atlas Merchant Capital, sees the recent disruptions in global asset markets as a healthy correction and not the start of a broad bear market. Diamond points out that investors are still grappling with how to price risky assets amidst rapid technological shifts.
Bitcoin has been searching for a bottom by the end of 2025, with the divide between whale accumulation and retail selling creating a classic market structure. The coming weeks are expected to reveal whether institutional confidence is sufficient to stabilize the market or if fear continues to dominate trading.
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