Accumulation Phase Among Retail Investors
Bitcoin’s rally past the $95,000 mark has triggered a strong wave of accumulation among retail investors. According to data from IntoTheBlock, Bitcoin saw a net outflow of $6 billion over the past seven days, with $3.9 billion withdrawn on November 19 alone. This massive accumulation trend contributed to Bitcoin reaching an all-time high of $99,655 on November 23.
Another key factor in Bitcoin's rise was a weekly net inflow of $3.38 billion into spot BTC ETFs in the U.S., which pushed the cryptocurrency closer to the $100,000 threshold.
Decline in Whale Activity
While retail investors have been driving this growth, whale activity around Bitcoin has started to cool off even before the cryptocurrency reached its all-time high. Data from IntoTheBlock shows that the volume of large transactions (worth at least $100,000) dropped from 32,000 to 19,500 between November 21 and 24. The total value of these transactions fell from $136.4 billion to $53.6 billion during the same period.
Throughout the past week, the total volume of whale transactions amounted to $243.67 billion, indicating that retail investors were far more active than large holders during this phase.
Shift Among Large Holders
Despite the decline in whale activity, the net Bitcoin flow of large holders shifted from an outflow of 9,190 BTC to an inflow of 4,090 BTC on November 24. This change could trigger FOMO (fear of missing out) among market participants and potentially increase buying pressure from both small and large investors.
Hovering Near $100,000
Bitcoin has been consolidating near the $98,000 zone over the past 24 hours, with daily trading volume surging by 27% to $55 billion. However, the global cryptocurrency market capitalization has dropped by 2.3% to $3.47 trillion.
Liquidations totaled $494 million as Bitcoin’s dip below $98,000 triggered a market-wide correction, significantly impacting smaller-cap altcoins.
Bitcoin remains close to the key psychological threshold of $100,000, with its next moves likely dependent on the balance between retail investors and the resurgence of whale activity.
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