The number of Bitcoin whale wallets has jumped as BTC’s price continued to struggle this week, dipping to $89,550 on Tuesday.
According to data from analytics platform Glassnode, whales have been steadily accumulating since late October, with a sharp rise in wallets holding more than 1,000 BTC beginning on Friday.
Whale wallet counts had fallen to a yearly low of 1,354 on Oct. 27 — when Bitcoin was trading near $114,000 — but as of Monday, that number has climbed 2.2% to 1,384, reaching levels not seen in four months.
At the same time, Glassnode data shows that smaller Bitcoin holders — those with 1 BTC or less — have been feeling the strain of the recent price drop.
The total number of these wallets has fallen from 980,577 on Oct. 27 to a yearly low of 977,420 as of Nov. 17.
This trend highlights a familiar pattern in crypto markets: smaller investors often panic-sell during sharp downturns, while larger holders take advantage of the fear to accumulate. The data also challenges the recent “OG dumping” narrative, which claims that long-time Bitcoin holders have been driving prices lower by taking profits.
Bitcoin Falls Below $90K
Bitcoin slipped below the key $90,000 psychological level on Monday and is now trading near $89,900. The drop has pushed the Crypto Fear & Greed Index deep into the “extreme fear” zone, hitting a score of 11 out of 100.
Despite the growing anxiety, several industry executives — including leaders at Bitwise and BitMine — expect selling pressure to ease and a market bottom to form this week.
Speaking to CNBC on Monday, Bitwise Asset Management CIO Matt Hougan called the current price levels a “generational opportunity.”
“I think we’re nearing a bottom. I look at this as a great buying opportunity for long-term investors,” Hougan said. “Bitcoin was the first thing to turn over before the broader market pullback — the canary in the coal mine that signaled growing risk across all risk-on assets.”
Meanwhile, memes about “working at McDonald’s” have resurfaced on X as traders joke about the downturn. Others are more optimistic: Gemini co-founder Cameron Winklevoss posted that this “is the last time you’ll ever be able to buy Bitcoin below $90k!”
Crypto analysts such as TheCryptoDog have also suggested a rebound may be approaching, pointing to key technical levels.
“If things play out clear and simple, $BTC tags ~87.7k — some high time-frame moving average support and horizontal support from previous resistance,” they wrote, referencing the level that sparked a rally back in May.
