Bitcoin’s price fell from approximately $79,000 to below $73,000 within a week, and on‑chain data shows that large holders—often called whales—have reduced their holdings by more than 34,000 BTC. At current prices, the reduction represents about $2.6 billion.
Whale activity and on‑chain metrics
Crypto analyst Ali Martinez highlighted the change on November 10, noting that the drop coincided with Bitcoin losing several technical levels. Glassnode’s whale‑supply metric tracks the average balance of whale‑size addresses, offering insight into distribution and accumulation trends. However, on‑chain movements do not always equate to market sales, as transfers between wallets, exchanges and custodians can affect reported balances.
Technical outlook
At the time of reporting, Bitcoin was trading near $73,700, below the $75,000 psychological level. Key support was identified around $72,700, with resistance levels at $75,000, $76,500‑$77,500 and $80,000. A sustained move above $75,000 could indicate renewed buying interest, while a break below $72,700 might lead to further testing of $71,000.
Market context
Recent liquidations removed over $1.1 billion of leveraged bullish positions, reducing market leverage. Institutional activity showed caution, with Bitcoin ETF outflows reported alongside the price decline. Analysts suggest that a stable whale balance, moderated ETF outflows and increased spot buying volume would provide stronger evidence of a potential recovery.
Outlook
Traders are watching whether Bitcoin can defend the $72,700 support area and reclaim the $75,000 resistance level. A successful recovery could open the path toward $77,500 and eventually $80,000, while continued distribution might keep pressure on prices.
