BlockBeats News, November 17th. On-chain data shows that multiple “whales” holding over a thousand coins have recently engaged in concentrated selling, causing the Bitcoin price to drop from below $100,000 to around $97,000. Both exchanges and derivatives windows showed selling pressure: the overall whale short exposure exceeded long exposure (on-chain data shows about $21.7 billion in shorts and $11.8 billion in longs), and Bitcoin ETFs have seen continuous outflows for several weeks, totaling billions of dollars over the past five weeks, indicating a significant decline in demand. Protective put options in the derivatives market are active around $90,000–$95,000, indicating that the market is seeking hedging at lower levels. Although a large amount of selling comes from profit-taking by long-term holders — reports from Glassnode and MarketVector suggest a tendency towards “planned selling” rather than panic selling — the current situation is not without risks. The key lies in the depth of buyer support: during the long-term selling from the end of last year to the beginning of this year, there was still buying interest in the market. However, with ETF outflows and a slowdown in institutional allocation at present, the same scale of selling is more likely to amplify price fluctuations and trigger a cascade of liquidations.
From a technical and conclusive standpoint, key short-term price observation levels are $100,000 and $93,000; if $93,000 is confirmed as a breach, the market may test a deeper liquidity zone. Conversely, if active buyers (including known entities like Strategy) step in at lower levels and stabilize ETF flows, it could trigger a deleveraging-induced structural rebound.
Bitunix analysts are monitoring whale wallet dynamics and large transfers; ETF fund flows and institutional trade announcements; open interest of bearish put options in the derivatives market (PUT/OI) and changes in implied volatility — if all three turn positive simultaneously, it signifies a true return of buying interest; otherwise, the market will continue to be driven by liquidity.
