Bitcoin (BTC) whales with more than 1,000 coins in their wallets increased their purchase rate from October 24th to November 7th.
And we have to thank him! (Unless, of course, you were waiting for the price to drop further to buy Bitcoin cheaper). The problem is that the whale move helped limit the price decline and created an important support zone.
In those days, Bitcoin falls below $100,000 However, as seen in the chart below, buying pressure from whales prevented the correction from deepening.
CryptoQuant Specialist, Data Analytics Company On-chainshowed that there was a “belief transfer” within the market during that period.
Between October 24th and November 7th, Whale doubled his holdings and accumulated over 36,019 BTC. This move indicates a clear change in trend: After several days of selling pressure, whales began to take advantage of the drop in Bitcoin prices to absorb supply and reposition themselves.
In the chart, colors represent different holding ranges. Dark red indicates large whales over 10,000 BTC. Orange supports wallets between 1,000 and 10,000 BTC. Yellow represents those who own 100 to 1,000 BTC. The black line represents the price of BTC.
The expansion of the red band in recent days indicates that the largest entities in the ecosystem are increasing their participation. This is a move that has historically been expected to result in higher prices.
So during this period, retailers reduced their supply, while whales and organizations absorbed much of that supply.
This move reflects capital moving into more stable hands, a pattern that has historically preceded phases of long-term accumulation and BTC price appreciation.
When large-scale holders accumulate in a declining phase, This is usually interpreted as a sign of confidence in a future rebound Or as CriptoNoticias describes it, preparing for a new bullish cycle.
“The active accumulation by the big whales acts as strong support, limiting the downside potential and setting the stage for the next bullish phase,” CryptoQuant analysts noted.
While leveraged traders are liquidated, Large holders seize purchasing opportunities and strengthen support and market stabilization.
In parallel, the Trading Different liquidation map currently shows a wide liquidation area (purple area) around $98,000.
Based on the tool’s readings, this accumulation indicates that the probability of price returning to that area in the short term is relatively high.
Additionally, we are currently seeing heavy buy orders near $102,000, with many traders hoping to execute purchases there, which could provide another key support if BTC continues to fall.
“We expect a gradual recovery, supported by seasonality and monetary policy,” CryptoQuant analysts said, but added that “accumulation by major players strengthens the theory of new highs for this cycle.”
