An example of this is that between October 22 and November 17, 2025, large whales (investors with more than 10,000 BTC) doubled their reserves, accumulating 41,912 BTC so far. This is shown in the following chart: A sign of confidence in bitcoin

Alemán also highlights the behavior of miners as a sign of market strength. He asserts that, instead of selling, they have increased their reserves.

"Miners are not selling. They now have 2,000 BTC more than a month ago, for more than 1.8 million BTC. This is confidence in the network, confidence that prices are going to rise," he comments.

Indeed, the amount of BTC in miners' reserves has increased compared to October 1. They went from 1,805,173 BTC at that time to 1,806,972 BTC at the time of writing this report. This is shown below: According to Alemán's analysis, in a real crypto winter, Bitcoin miners usually sell part of their holdings, something that is not happening.

The specialist attributes the greater downward pressure to the futures markets, where he observes a strong imbalance. He says that there are many more futures contracts that are in long positions than in short positions. "So, it makes sense to push prices down to produce large liquidations," he warns.

A pullback within a larger trend

In a line similar to Alemán's, Salvadoran analyst Jaime Merino stated that the recent movement does not alter the structure of the long-term trend.

"For me, the fall of bitcoin is not a crypto winter. What we are seeing is a correction within a much larger bullish trend," he affirmed to this medium.