Bitcoin extended its decline toward $103,000 on Tuesday, taking its weekly downtrend to 9.34%. Yet whales appear to be incessantly buying the market dip. Large holders moved more than $120 million worth of tokens off major exchanges, stoking debate over whether whales are quietly accumulating or preparing for further turbulence.
Notably, blockchain analytics platform Lookonchain reported multiple whale withdrawals within a few hours on Tuesday. A dormant address labeled “37BnFf” moved 800 BTC, worth around $85.5 million, from Binance and OKX after more than a year of inactivity. Another wallet, “3Qus8D,” withdrew 190 BTC valued at nearly $19.8 million, while a third address, “bc1qr9,” pulled 174 BTC from Binance, lifting its total holdings to more than 3,000 BTC, approximately $315 million.
Multiple whales have bought $BTC over the past 6 hours.
• Whale 37BnFf, dormant for a year, withdrew 800 $BTC($85.5M) from #Binance and #OKX.
• A new wallet 3Qus8D withdrew 190 $BTC ($19.76M) from #Binance.
• Whale bc1qr9 withdrew another 174 $BTC ($18.64M) from #Binance 6… pic.twitter.com/rCnOdzMgoD
— Lookonchain (@lookonchain) November 4, 2025
Meanwhile, these synchronized movements have drawn attention across the crypto community. Historical data suggests that whale activity often precedes market swings, amplifying speculation about the next major move.
At the time of writing, Bitcoin was trading at $103,705, according to CoinGecko, with a 24-hour trading volume exceeding $84 billion. The price has fallen 3.28% over the past day, marking one of the steepest pullbacks since August.
Analysts Warn of a Fragile Bitcoin Short-Term Structure
Market analyst Ted noted that Bitcoin’s short-term setup remains “structurally fragile.” He asserted that if the $100,000 mark fails to hold, a correction toward $92,000, a level linked to an unfilled CME futures gap, could follow.
$BTC is in absolute free fall right now.
There's no strong support until the $100,000 level, which means it'll most likely get retested.
If Bitcoin loses the $100,000 zone, expect a correction towards the $92,000 level, which has a CME gap. pic.twitter.com/Cyaz1gKzjv
— Ted (@TedPillows) November 4, 2025
Notably, data from Coinglass reflects this view, showing more than $1.17 billion in long positions liquidated within a single day. Crypto influencer CryptosRus suggested that the sharp washout of leverage may set the stage for a rebound, calling it a “short squeeze in progress.” He argued that once liquidity imbalances above current prices resolve, the market could see renewed upside momentum.
Bitcoin Long-Term Holders Take Profits
Meanwhile, while some whales appear to be accumulating, others are realizing gains after years of appreciation. Bitwise CEO Hunter Horsley explained that many early Bitcoin investors have been trimming positions after massive returns, describing the emotional challenge of holding through major drawdowns.
“They’ve got life to live,” Horsley said, noting that even long-time believers find it difficult to watch their portfolios fluctuate by hundreds of millions. He added, however, that most remain committed to keeping the majority of their holdings.
Data from CryptoQuant indicates that long-term holders sold approximately 405,000 BTC, valued at more than $42 billion, between October 2 and November 2, coinciding with the recent market correction.
Evans Kelvin
Brenda Kanana
