According to CryptoQuant's on-chain analysis released on November 15, whales holding over 1,000 BTC accumulated approximately 47,000 BTC during Bitcoin's recent 24% decline, while mid-tier wallets holding 100 to 1,000 BTC sold 50,500 BTC and smaller holders (10-100 BTC) offloaded 14,400 BTC. This indicates selling pressure from mid-sized and retail holders outpaced whale accumulation.

The 30-day apparent BTC demand fell to approximately -284,000 BTC, marking the weakest level since April 2025. Over a 16-day period from October 29, fourteen days recorded net realized losses totaling roughly 84,000 BTC.

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