During the BTC decline, whales increased their holdings by 47,000 coins, while medium-sized holders sold off 64,900 coins.

According to CryptoQuant data, during the period when Bitcoin fell by about 24%, whale wallets holding more than 1,000 BTC increased their holdings by a total of about 47,000 BTC, of which wallets holding 1,000 to 10,000 BTC increased their holdings by 43,700 BTC. During the same period, wallets holding 100 to 1000 BTC sold off 50,500 BTC, and wallets holding 10 to 100 BTC sold off 14,400 BTC. Apparent demand over 30 days fell to approximately -284,000 BTC, the lowest level since April 2025. Net losses were recorded on 14 out of 16 days since October 29, totaling approximately 84,000 BTC. Short-term holders, ETFs, and medium-sized wallets sold off their holdings faster than whales could absorb them.