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Bitcoin has entered one of its most turbulent phases of 2025, with a wave of large-scale sell-offs placing heavy downward pressure on the market. After briefly trading above the $100,000 mark earlier in the month, BTC has now remained below that threshold for eight consecutive days, marking its longest stretch of negative movement since the post-Liberation Day drawdown in early April. The downturn comes not only from weak market sentiment, but from powerful sell-side activity across whales, miners and institutional participants.
At press time, Bitcoin was trading at $92,229, showing a modest 0.38% daily gain. However, this small uptick has done little to offset the broader slump, with BTC still down 11.03% on the weekly charts. With more selling underway and volatility trending higher, traders are increasingly speculating on whether Bitcoin could retest support near $88,000.
Whale-driven sell pressure sets the tone
Bitcoin’s sharp retracement has been heavily influenced by large holders exiting positions at a rapid pace. On-chain data from Checkonchain shows that the Holder Net Position Change — a key metric that tracks whether long-term investors are accumulating or distributing — has remained negative throughout Q4. The indicator recently dropped to –60.07k BTC, the weakest reading since early August, pointing to significant spending from long-term holders instead of accumulation.
One of the most notable exits came from early adopter Owen Gunden, identified by Lookonchain. According to the monitor, the long-time BTC holder sold his remaining 2,499 BTC — worth $228 million — through Kraken. The move followed months of steady selling, during which he disposed of a total of 11,000 BTC, valued at $1.12 billion. While the motivations for the liquidation have not been publicly explained, the sell-off demonstrates that even some of Bitcoin’s most committed early investors are opting to take profits or de-risk.
Institutional players have also played a role in increasing market anxiety. BlackRock deposited 6,735 BTC — valued at $616 million — into Coinbase Prime. Transfers of this size to centralized exchanges are historically interpreted as preparation to sell rather than custody. While execution data is not publicly available, the movement alone was enough to fuel fears of additional downward pressure.
Miner capitulation amplifies the decline
Whales and institutions aren’t the only contributors. Bitcoin miners, already operating under reduced profit margins because of lower network fees and price volatility, have intensified their selling as well. Data from CryptoQuant shows 71.9k BTC moved off miners’ wallets over the past seven days.
Mara Holdings, one of the most prominent publicly listed Bitcoin mining firms, deposited 644 BTC — worth $58.7 million — to FalconX and Coinbase Prime. Miners typically sell when liquidity is needed to fund operational costs, and the current downturn has created a difficult combination of reduced demand and higher spending requirements for energy and infrastructure.
Across whales, institutions and miners combined, a staggering 9,878 BTC — worth $902.7 million — was distributed in the past 24 hours alone. In a stable market, this level of selling could be absorbed gradually by buyers. However, during a period of negative sentiment and declining technical indicators, the surge in sell volume has accelerated the downward momentum.
Technical indicators point to persistent downward risk
Multiple trend indicators continue to show sellers in control. Bitcoin’s SMI Ergodic Oscillator has remained negative for nine straight days, with a reading of –0.03 at press time. This suggests momentum remains in favor of further downside movement rather than recovery.
Another tool — the Relative Volatility Index (RVI) — has stayed below the 50 level for eight consecutive days. Historically, this pattern reflects rising volatility during downward moves rather than neutral price swings. For traders, this combination reinforces the expectation that price risk continues to lean downward rather than toward mean reversion.
The $88,000 level becomes a critical test
Market analysts now view $90,000 as the first psychological barrier and $88,000 as the key structural support level. If Bitcoin experiences continued sell pressure while volatility increases, a retest of $88,000 appears possible. A breakdown below that level would place the next major support area at approximately $86,482.
Still, recovering the bullish structure is not impossible. Based on current chart structures, Bitcoin would need a daily candle close above $93,428 to flip short-term sentiment back toward the upside. In prior cycles, such reversals have followed deep sell-offs and high volatility before stabilization.
What comes next?
For now, investors are watching to see whether selling will ease or intensify. If large holders reduce distribution and miners shift back toward accumulation, demand could stabilize. However, if additional whales or institutions join the sell-off, the market may continue to face strong resistance.
Regardless of short-term volatility, Bitcoin remains one of the most widely held digital assets with resilient long-term demand drivers. But in the immediate term, traders are focused on one question: whether the heavy selling that dominated November will cool — or push BTC toward another major retracement.
