The Bitcoin market is undergoing a sharp sell-off. As of November 21, the Bitcoin price has dropped below $82,000, falling more than 6% in a single day and breaking through the $87,000 mark for the first time since April.
This plunge triggered over 220,000 liquidations across the crypto market in the past 24 hours, with total liquidation value reaching $830 million (approximately RMB 5.9 billion).
Market analysts attribute the decline to multiple factors, including cooling expectations for Federal Reserve rate cuts, a wave of tech stock sell-offs, and most notably, sustained large-scale selling by Bitcoin OG whales.
01 Market Turmoil: Broad-Based Crypto Decline
The cryptocurrency market is experiencing widespread selling pressure. Not only has Bitcoin plunged, but Ethereum is down over 5%, and major cryptocurrencies like ADA, XRP, and BNB have also followed suit.
This sell-off has erased all of Bitcoin’s gains for the year. Year-to-date, Bitcoin is down more than 7%, positioning it for an annual decline—the first since 2022.
According to Coinglass data, crypto derivatives liquidations totaled $831 million in the past 24 hours, affecting 227,000 traders. Of this, long positions accounted for $696 million in liquidations, while shorts made up $135 million.
The largest single liquidation occurred on HTX-BTC-USDT, valued at $30.92 million, highlighting the harsh realities of market leverage.
02 Whale Sell-Offs: The Catalyst Behind the Crash
Blockchain data reveals that long-term Bitcoin whales—individuals or institutions holding 1,000 BTC or more—have continued large-scale selling throughout 2025.
These so-called "OG" Bitcoin holders—investors who have held assets for over seven years—began making significant on-chain transfers in November 2024, with this trend intensifying in 2025.
Charles Edwards, co-founder of Capriole Investments, posted on X, noting that "super whales are cashing out Bitcoin," sparking concerns about the potential impact on prices.
Glassnode data shows that since January, incidents where whales spend more than 1,000 BTC per hour have persisted.
Analysts point out that sell-offs of this magnitude have become a significant driver of price declines.
03 Whale Behavior Analysis: Profit-Taking or Panic Selling?
Analysts offer differing interpretations of the whales’ large-scale selling. Some believe this reflects steady profit-taking rather than panic-driven selling.
Martin Leinweber, Head of Digital Asset Research & Strategy at MarketVector Indexes, suggests the sell-off may represent "planned asset allocation."
"Some Bitcoin investors bought in when prices were in the single digits and have waited a long time. Now, there’s finally enough liquidity to sell without completely disrupting the market," he explained.
Cory Klippsten, CEO of Bitcoin-focused financial services firm Swan Bitcoin, notes that recent whale selling appears tied to the $100,000 price level.
"Since I entered the space in 2017, many early holders I know have talked about $100,000 as a target," Klippsten said. "For some reason, people always say they’ll sell part of their holdings at that price."
However, CryptoQuant analysts warn that it’s concerning to see whale sell-offs coincide with deteriorating market sentiment and slowing buying activity, which could put further pressure on Bitcoin prices.
04 Macro Environment: Fed Policy and Tech Stock Sell-Offs
Beyond whale activity, the macroeconomic backdrop is unfavorable for risk assets. Expectations for Fed rate cuts have cooled sharply, weighing on Bitcoin and tech stocks alike.
Currently, Morgan Stanley no longer expects the Fed to cut rates in December. Futures contracts now indicate just a 40% chance of a rate cut at the December meeting.
Joel Kruger, Market Strategist at LMAX Group, notes that as investors lower expectations for a December rate cut and weak labor market data stokes economic concerns, risk assets—including Bitcoin—are once again under pressure.
Meanwhile, a wave of tech stock selling has added further stress to the crypto market. Overnight, mounting concerns about tech stock valuations triggered steep declines in the three major U.S. stock indexes.
Early today, Japanese and South Korean stock markets also fell sharply. Korea’s KOSPI dropped more than 4% intraday, while the Nikkei 225 fell 2.26%.
05 Market Divide: Is the Bottom Near or More Downside Ahead?
Institutions are split on Bitcoin’s outlook. Danny Galindo, Investment Strategist at Morgan Stanley Wealth Management, points to historical data showing Bitcoin price cycles follow a steady "three up, one down" rhythm, and that the crypto market has now entered the "autumn" phase of Bitcoin’s four-year cycle. Galindo urges investors to take profits and prepare for the coming crypto winter.
On the other hand, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, is more optimistic. He believes the recent correction may be over, noting that although this Bitcoin drop was sharper and deeper, it aligns with the third major sell-off wave of the current cycle.
Kendrick highlights that several market indicators have reset to extreme levels. For example, the price-to-book (PB) ratio of digital asset investment firm Strategy—which measures the company’s market cap against the value of its Bitcoin holdings—has fallen to around 1, suggesting Bitcoin may have bottomed.
Options markets are also watching key support levels. According to Deribit data, demand for downside protection is strongest near $85,000, followed by $82,000, indicating traders are bracing for further declines.
06 Whale Re-Entry: Positive Signs at the Market Bottom?
Amid widespread pessimism, some positive signals are emerging. According to market intelligence platform Santiment, whales began returning after Bitcoin fell below $90,000.
Santiment analysts report that as Bitcoin accumulation accelerates, this week could become the most active for whales in 2025 so far.
Santiment posted on X that it has tracked more than 102,000 whale transactions over $100,000, and another 29,000 transactions over $1 million.
"This week is very likely to be the most active whale week of 2025, with whale activity shifting from selling to re-accumulation," Santiment said.
Pav Hundal, Chief Analyst at crypto trading platform Swyftx, observed a similar trend: "After Nvidia’s strong earnings report, Bitcoin rebounded, which to me signals both whales and retail investors are stepping in and buying."
He added, "On Swyftx’s order book, buy orders hit a historic high during early trading, with a buy-to-sell ratio of 10:1, compared to an average of 3:1. Investors are buying the dip."
Outlook
Options market activity now suggests a 50% chance that Bitcoin will fall below $90,000 before year-end, and traders are preparing for further declines. Sean Dawson, Head of Research at Derive.xyz, estimates that total crypto liquidations for both long and short positions reached $8.25 billion over the past 30 days.
Markets are always volatile, and every steep decline can bring new opportunities. For investors, staying rational during market panic and keeping a close eye on whale movements and fundamental shifts may be more important than ever.
