On-chain data shows a clear rise in the number of Bitcoin whale wallets since early October, even as broader crypto markets faced heavy selling and Bitcoin briefly fell to $89,550 on Tuesday.
According to Glassnode, whales have been steadily accumulating BTC since late October. A sharp increase appeared last Friday, with the number of wallets holding 1,000 BTC or more jumping noticeably. After falling to a yearly low of 1,354 wallets on Oct. 27—when Bitcoin traded near $114,000—the count has now risen 2.2%, reaching 1,384 wallets, the highest level in four months.
At the same time, smaller holders have reacted differently. Glassnode data shows wallets holding 1 BTC or more dropped from 980,577 on Oct. 27 to 977,420 by Nov. 17, hitting a yearly low as retail holders felt the pressure of the latest downturn.
These trends challenge the recent narrative of “OG dumping,” which suggested that older long-term holders were aggressively selling and pushing prices lower. Markus Thielen of 10X Research told Cointelegraph that while some whale selling continues, the turning point was the Oct. 29 FOMC meeting, which he says disrupted the fragile balance between large sellers and mid-sized whale buyers.
Thielen added that “super-whales” and “mega-whales” are absorbing some selling, but the 30-day flow data still reflects net selling among large cohorts.
Bitcoin Drops Below $90K Amid Extreme Fear
Bitcoin slipped under the $90,000 psychological level on Monday, now trading around $89,900. The Crypto Fear & Greed Index has plunged into “extreme fear” territory with a score of 11/100.
Despite the stress, several industry executives believe the sell-off is nearing exhaustion. Bitwise CIO Matt Hougan told CNBC that current prices represent a “generational opportunity,” adding that Bitcoin was the first asset to turn lower ahead of the broader market pullback.
Others in the industry have expressed similar optimism. Cameron Winklevoss said on X that this might be “the last time you’ll ever be able to buy Bitcoin below $90k,” while analysts such as TheCryptoDog argue that BTC is likely to rebound soon. He suggested that Bitcoin could revisit support near $87,700, an area that marked a breakout point earlier this year.
