Bitcoin Drops 2.8% Amid Whale Movements and ETF Withdrawals
- Bitcoin whale Owen Gunden deposited 2,499 BTC ($228M) on Kraken, signaling strategic rebalancing amid prior 11,000 BTC liquidation. - El Salvador bought 1,090 BTC during price dip, expanding holdings to 7,474 BTC despite IMF concerns over public sector risk exposure. - BlackRock's IBIT saw $523M single-day outflow, contributing to $3B November net outflows as ETFs face worst monthly performance. - DDC Enterprise acquired 300 BTC (total 1,383 BTC) while mid-cycle holders increased selling pressure amid ma
Whale Moves Draw Market Focus
On November 20, 2025, prominent
El Salvador Expands BTC Holdings During Price Drop
El Salvador furthered its Bitcoin acquisition plan by buying 1,090 BTC amid a market decline, bringing its total reserves to 7,474 BTC. The purchase, made as prices dipped below $90,000, fits with the country’s dollar-cost-averaging approach started in late 2022. Despite the International Monetary Fund’s warnings about the risks of greater public sector Bitcoin exposure, the government remains steadfast in its accumulation strategy. This latest acquisition occurred as the broader market saw increased selling and spot Bitcoin liquidity tightened.
ETF Withdrawals Reflect Investor Wariness
BlackRock’s
Institutional Accumulation and Treasury Growth
DDC Enterprise revealed plans to acquire 300 BTC, marking its largest purchase so far. This will boost its total holdings to 1,383 BTC, supporting its ongoing strategy to expand its corporate Bitcoin treasury. At the same time, KindlyMD, a NASDAQ-listed company, reported holding 5,398 BTC as of November 12, demonstrating disciplined asset management. Japanese fashion company ANAP also increased its Bitcoin stash to 1,047.56 BTC, now worth roughly $96.4 million.
Market Structure Shifts as Mid-Cycle Investors Sell
Van Eck’s recent ChainCheck analysis noted that mid-cycle Bitcoin holders have ramped up selling, with wallets active in the last five years showing notable outflows. In contrast, activity among long-term whales has remained consistent, with older wallets holding firm through the downturn. This pattern points to a redistribution in the market, as large holders transfer coins to smaller investors during turbulent periods.
Futures and Funding Rates Indicate Market Fatigue
Funding rates for perpetual Bitcoin futures have fallen to levels not seen since late 2023, suggesting a decrease in long-term speculative interest. Since early October, open interest in Bitcoin futures has dropped by over 30%, following major liquidation events. These trends support the view that the market is consolidating after a steep decline. Historically, such corrections often come before significant market bottoms.
Summary
Bitcoin remains under downward pressure due to a mix of whale transactions, ETF outflows, and mid-cycle selling. Institutional buyers such as El Salvador and DDC Enterprise are helping to counterbalance some of the negative momentum, but overall market conditions are still tough. With prices lingering near crucial support zones, the next move will depend on whether large holders absorb the available supply or let prices fall further.
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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