Bitcoin is experiencing one of its largest pullbacks in 2025, as investors have been on a massive selling spree over the past few weeks, causing the flagship asset to retest the $82,000 price mark. On-chain data has revealed a significant wave of capitulation among new BTC whale investors during the ongoing pullback.
New Bitcoin Whales Show Weak Hands
Since the pullback of the Bitcoin price from its current all-time high, there has been a notable shift in market dynamics and investors’ behavior. A change in action is being observed among whale holders, but it is not the veteran investors who are currently panicking.
In a post on the X platform, CryptoRus revealed that the new whales, or the most recent large investors who just acquired BTC, are entering into panic mode. These key investors are steadily selling their holdings at a loss, putting more strain on a market structure that is already precarious.
According to the expert, new whales are capitulating, dumping into the red, taking realized losses, and leaving the market in fear. Meanwhile, OG whales are moving in an opposite direction, exhibiting steady resilience despite the ongoing market whirlwind.
Looking at the chart, the 30-day momentum just flipped into positive territory for the first time in weeks. At the same time, new whale holders are puking their coins, which is an indication of a classic weak-hand flush.
The chart also shows that the total balance of whales is moving upward in the midst of price volatility. CryptoRus highlighted that the divergence between the whale total balance and BTC’s price has marked each major bottom that occurred in the current market cycle.
In such a market structure, the expert claims that retail sees the drop while new money feels pain. However, the investors who matter, the ones who made it through several cycles, are quietly buying more Bitcoin in the $80,000 and $95,000 price range.
This suggests a bottoming structure and a probable January rally that may result in a lower high or test the previous all-time high, but it does not indicate another year-long bull market leg. Therefore, the market still has room for growth as a bear market is likely when OG whales distribute into strength. Interestingly, this is how bottoms are formed, how traps are set, and how rallies begin.
Accumulation And Distribution Among Whales
Amid the ongoing market volatility, Darkfost, an author at the CryptoQuant platform, has disclosed interest moves on the Bitcoin whale side. Whale accumulation has increased alongside whale distribution.
Presently, accumulation is observed among large investors holding at least 10,000 BTC, who have acquired more than 26,3000 BTC. Meanwhile, wallet addresses holding between 1,000 BTC and 10,000 BTC have distributed over 112,600 BTC. Furthermore, smaller whale cohorts, such as those containing 100 to 1,000 BTC and 10 to 100 BTC, have accumulated over 99,800 BTC and 22,400 BTC, respectively.
Overall, large investors appear to have moved back into accumulation mode. However, it is also crucial to take into account the possibility that some whales have shifted from one category to another due to size changes, particularly between the 1,000–10,000 and 100–1,000 BTC tiers.
Featured image from Pngtree, chart from Tradingview.com
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