"And while the selling has slowed, the mood across markets remains fragile. The move reflects a global risk-off tone. S&P 500 futures were slightly red after a strong rebound yesterday. Asia traded mixed. Europe opened flat-to-lower. The bitcoin price followed suit, behaving more like a high-beta tech asset than a macro hedge - a correlation that has only strengthened in recent weeks."
"New on-chain data is adding another wrinkle. Wallets holding at least 100 BTC - often viewed as mid-tier whales - are rising again after hitting a two-year low earlier this month. Santiment says these wallets have climbed by 0.47% since Nov. 11, equivalent to 91 new whale entities. That's a subtle but notable shift. These holders tend to scale in during deep corrections. Their return hints at early bargain hunting."
"But the broader whale picture is less comforting. Wallets holding more than 1,000 BTC continue to shrink. The largest whales - those with over 10,000 BTC - trimmed around 1.5% of their holdings in October. Citi estimates the market now lacks the spot inflow cushion normally required to stabilize prices. In their view, roughly $1 billion in weekly inflows is needed to lift the bitcoin price 4%."
Bitcoin is down more than 30% from its October record and trades near $87,000 after another overnight slip. The market has experienced a near two-month drawdown and remains fragile despite slower selling. Global risk-off sentiment has pushed Bitcoin to behave like a high-beta tech asset, tracking moves in S&P 500 futures and mixed Asian and flat-to-lower European sessions. Bulls identify $80,000–$83,000 as critical support, which has been tested twice. Mid-tier wallets holding at least 100 BTC have risen 0.47% since Nov. 11, while wallets above 1,000 BTC continue shrinking and largest whales trimmed holdings. Citi estimates about $1 billion in weekly spot inflows would be needed to lift the Bitcoin price 4%.
Read at Bitcoin Magazine
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