Bitcoin in November. Whales are selling, banks and small investors are buying

Just as institutional investors and smaller crypto investors are still net buyers, it’s a different story for crypto whales (holders of portfolios containing more than 10,000 Bitcoins). They have been net sellers for most of this year, and their pace has only accelerated since August.

2025

Uptober (the nickname for October, the month that’s normally very positive for Bitcoin) was a waste of time this year, and November also got off to a bad start for Bitcoin. On top of that, the news that crypto whales are selling is also a sign of the times. While smaller crypto wallets (hodlers between 1,000 and 10,000 Bitcoins) remain relatively neutral, larger wallets have been consistent sellers since August, representing three months of sustained selling pressure.

We also saw this trend in the first four months of the year, which resulted in Bitcoin dropping 30% to $76,000 in April during the Trump tariff crisis.

According to historical calculations, we have reached a potential end of this bull run (after three years since the bottom which was set in November 2022 during the fall of FTX). If these calculations are correct, it’s possible that the price will drop to $90,000 before the end of the month.

On the other hand, it’s also possible that institutional investors (aka banks and investment funds), hoping for a Christmas rally, will come to the rescue.