Bitcoin whales sell 29,400 BTC at a loss, but analysts say the market remains steady

NEW YORK, Nov 14 2025 — Bitcoin slipped on Thursday after large holders sold about 29,400 bitcoin at a realised loss, data from Glassnode showed. The transactions took place across several sessions and drew attention due to their size. Even so, analysts said the broader market stayed calm.

Bitcoin traded near 58,100 dollars in the afternoon. It was down about 2 percent over the past 24 hours, according to CoinGecko. Trading volumes stayed moderate. Market conditions remained stable, and volatility remained within normal levels.

Glassnode said the whale wallets involved sold their coins below their original purchase price. This pushed the spent output profit ratio below one. The indicator often signals that sellers are moving coins for less than they paid. Analysts said this can happen during consolidation periods and does not always reflect fear in the market.

The activity came during a cautious week for investors. Traders waited for United States inflation data and fresh comments from the Federal Reserve. A stronger dollar and higher Treasury yields reduced appetite for risk assets. These factors kept traders defensive before the whale flows appeared.

Despite the large movement of coins, analysts said the market absorbed the selling without stress. Coinglass reported that futures open interest dropped by about 800 million dollars. The decline suggested traders reduced leverage on their own. There were no signs of mass liquidations or forced selling. Funding rates on perpetual futures also moved closer to neutral. That shift usually signals a healthier balance between long and short positions.

“This looks like planned deleveraging, not panic,” said Evan Clarke, senior digital asset strategist at Marex Solutions. “If traders were acting out of fear, we would see sharper drops, higher liquidations and heavy exchange inflows.”

Spot bitcoin ETFs in the United States saw small outflows during the week. The outflows were modest compared with earlier periods of strong redemptions. Analysts said the slight slowdown in ETF demand added caution to the market but did not trigger the whale selling. ETF activity remained within expected ranges.

Macro conditions continued to guide sentiment. Traders monitored inflation data, labour reports and central bank speeches. These factors shaped expectations for interest rates later this year. Bitcoin often moves in line with broader risk assets during periods of uncertainty. Analysts said this week’s decline reflected those global conditions.

“Whale flows do not tell the full story,” said Haruka Tan, digital assets economist at Sable Research. “The market is already reacting to mixed ETF flows, shifting macro data and uneven liquidity. These elements matter just as much as on-chain activity.”

Those who entered Bitcoin 6 to 12 months ago have a cost basis near 94K.

Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions. pic.twitter.com/i9a5M0xnMW

— Ki Young Ju (@ki_young_ju) November 14, 2025

Exchange balances also suggested that selling pressure remained limited. CryptoQuant reported a slight rise in deposits to exchanges, but the increase stayed within normal levels. Long-term holder supply, which tracks coins held for more than six months, remained steady. Analysts said long-term investors still showed confidence.

Ether and other large cryptocurrencies fell with Bitcoin. Most major tokens dropped by 1-3 percent. Analysts said these moves followed broader market softness and did not indicate deeper concern. Liquidity on major platforms stayed strong, and spreads remained stable.

Some traders compared the current whale activity with past cycles. In several earlier periods, realized losses from whales occurred when leverage had built up during rallies. These events often came during consolidation, not at the start of major declines. Analysts said the current market structure looked similar, although they warned that history does not guarantee outcomes.

In the short term, traders will focus on macro data and ETF flows. Attention will turn to United States inflation reports and further comments from the Federal Reserve. Investors will also watch whether whales continue to move coins or scale back their activity. Analysts said liquidity remains solid, and market depth has not changed meaningfully.

For now, the crypto market appears to be handling the whale selling without significant disruption. The response from investors has been measured. Trading conditions remain orderly. Analysts said the broader trend still reflects caution around global economic factors rather than structural issues within the crypto market.

“The market has absorbed the flows without trouble,” Clarke said. “There is no evidence of system-wide weakness, and long-term holders remain steady.”

Recap

• Whales sold about 29,400 BTC at a realised loss, according to Glassnode.
• Bitcoin traded near 58,100 dollars, down around 2 percent in 24 hours.
• Futures open interest fell by 800 million dollars, signalling leverage reduction.
• No signs of panic selling or large liquidations appeared on major exchanges.
• ETF flows showed small outflows but remained within normal ranges.
• Macro pressure from inflation data, Treasury yields, and dollar strength influenced sentiment.