Bitcoin dropped to $96,000 on heavy promoting Friday, and falling danger urge for food, leaving merchants and analysts parsing whether or not that is regular profit-taking or a bigger turning level for the market.
Associated Studying
In accordance with on-chain and market experiences, the drop worn out greater than $700 million in lengthy positions and left November down by greater than 10%.
Whale Transfers Draw Focus
Experiences have disclosed {that a} pockets tied to dealer Owen Gunden moved 2,400 Bitcoin — about $237 million — onto the Kraken alternate, a switch tracked by blockchain watcher Arkham.
Based mostly on evaluation by Glassnode, long-term holders’ common every day spending rose from over 12,000 BTC per day in early July to roughly 26,000 BTC per day as of this week.
OWEN GUNDEN JUST SOLD ANOTHER $290M BTC
Owen Gunden simply moved the entire remaining BTC out of his accounts. He deposited over HALF of his holdings instantly into Kraken, depositing a complete of $290.7M of BTC into Kraken.
He now has solely $250M of Bitcoin remaining. pic.twitter.com/ZUB3aToAgH
— Arkham (@arkham) November 13, 2025
That sample, Glassnode analysts say, appears to be like like orderly distribution by older holders quite than a sudden mass exit. It’s being framed as late-cycle profit-taking: common, regular, and unfold out.
In accordance with Santiment, Bitcoin has fallen beneath $100K for the second time this month, triggering a burst of concern and frightened posts from retail merchants.
📉 Bitcoin has dumped beneath $100K for the second time this month. Predictably, this has brought about a wave of FUD and anxious social media posts from retail merchants. As proven beneath:
🟥: Vital bullish/grasping bias (often when markets are getting an excessive amount of FOMO, costs will go… pic.twitter.com/rowUv3xIMd
— Santiment (@santimentfeed) November 13, 2025
No Meltdown: Late-Cycle Alerts And On-Chain Readings
Vincent Liu, CIO at Kronos Analysis, disclosed that structured promoting and regular rotation of good points typically present up in late-cycle phases.
He cautioned that this part doesn’t robotically sign a ultimate peak, offered there are nonetheless consumers prepared to absorb the additional provide.
Being in a late cycle doesn’t imply the market has hit a ceiling, he identified. It simply exhibits momentum has eased, and larger forces like macro traits and liquidity are actually in management, he mentioned.
“Fee-cut doubts and up to date market weak spot have slowed the climb, not ended it,” Liu mentioned. In different phrases, there’s no meltdown or something prefer it.
On-chain indicators are being watched carefully; Bitcoin’s internet unrealized revenue ratio stood close to 0.476, a degree some merchants interpret as hinting at short-term lows forming.
That studying is just one of a number of indicators, Liu added, and have to be tracked alongside liquidity and macro situations.
A more in-depth have a look at the month-to-month common spending by long-term holders reveals a transparent development: outflows have climbed from roughly 12.5k BTC/day in early July to 26.5k BTC/day at the moment (30D-SMA).
This regular rise displays growing distribution stress from older investor cohorts — a… pic.twitter.com/wECe58CV66— glassnode (@glassnode) November 13, 2025
Market Ache Got here From Shares And Charges
The cryptocurrency sell-off got here as crypto-related shares plunged. Broader markets had been weak as nicely, with the Nasdaq down 2% and the S&P 500 off 1.3%.
Cipher Mining fell 14%, Riot Platforms and Hut 8 dropped 13%, whereas MARA Holdings and Bitmine Immersion slid over 10%. Coinbase and Technique had been down about 7%.
Based mostly on experiences, giant institutional flows have pressured costs. Corporations together with BlackRock, Binance and Wintermute reportedly offered greater than $1 billion in Bitcoin, a wave of promoting that produced a fast 5% drop inside minutes.
In the meantime, social sentiment turned sharply detrimental, and the Crypto Concern & Greed Index hit 15, reflecting “excessive concern” amongst merchants.
Featured picture from Unsplash, chart from TradingView
