Major investors who purchased the leading cryptocurrency at around $110,800 have begun to register significant losses. Analysts at CryptoQuant have noted this trend.
New Whales Are Feeling the Heat
Since Oct 28, Bitcoin has traded below the average cost basis of new whales (~$110.8K), triggering significant realized losses:
Nov 4: -$286.4M
Nov 5: -$90.7M
Nov 6: -$107.5M
Nov 7: -$515.1M
Nov 8: -$5.1MThe lower Bitcoin prices are building… pic.twitter.com/1pnlY9aBM2
— CryptoQuant.com (@cryptoquant_com) November 10, 2025
Since October 28, Bitcoin has been trading below the average acquisition cost of a new cohort of whales. This has triggered a wave of profit realization, peaking on November 7 with losses of $515.1 million.
From November 4 to 8, they lost over $1 billion.
Earlier, experts also recorded unprecedented activity among long-term Bitcoin investors, who are transferring large volumes of cryptocurrency to exchanges. However, they noted that selling pressure is offset by new buyers who continue to hold their positions.
The ‘Death Cross’
The price of digital gold fell to $105,000 after recovering to levels around $107,300. According to analysts at CoinDesk, the attempt to rise and subsequent decline have heightened the significance of the earlier bearish breakout.
They emphasized that the current dynamics have exacerbated concerns about the formation of a ‘death cross’—a bearish pattern where the 50-day moving average falls below the 200-day moving average.
To negate the negative scenario, the first cryptocurrency needs a confident breakthrough above $107,250, experts highlighted.
Trader Sykodelic believes Bitcoin will reach a local bottom within the next five days. His analysis is based on ‘death cross’ data from the past seven years, starting with the 2017 bull rally.
Bitcoin is going to rally to at least $145,000 from here.
And there is a 99% chance it will find at least its local bottom in the next 5 days.
And this is based off of the last 7 years worth of Death cross data since the beginning of the 2017 bull run.
This is hard data, not… pic.twitter.com/yzmQDw3Oqa
— Sykodelic 🔪 (@Sykodelic_) November 10, 2025
After the formation of the bearish pattern, each time there was a rise of at least 45% from the low. If digital gold follows historical trends, after falling to a local bottom, it is expected to rally to $145,000, the expert believes.
Positive Signals
Despite the pressure, conditions for potential growth are emerging in the market. CryptoQuant analyst MorenoDV_ noted the appearance of a rare liquidity configuration that previously preceded significant Bitcoin price movements.
Liquidity Pattern Has Appeared Before Every Bitcoin Surge — And It’s Back
“We’re witnessing a liquidity configuration that has only appeared a handful of times since 2020, and each instance marked a pivotal moment for Bitcoin’s trajectory.” – By @MorenoDV_ pic.twitter.com/vWKcCkyn55
— CryptoQuant.com (@cryptoquant_com) November 11, 2025
According to him, since 2020, a similar situation has been observed only a few times.
The SSR index has returned to its historical low range at 13—the same zone where local lows formed in mid-2021 and throughout 2024.
“Each time Bitcoin traded in a calm mode before making a powerful leap,” the expert noted.
A characteristic pattern is observed on Binance: reserves of stablecoins are growing, while digital gold reserves are shrinking. Such dynamics have repeatedly preceded market recovery, indicating seller exhaustion and position accumulation by strong players, MorenoDV_ emphasized.
Macroeconomic Support
Experts at Bitget exchange believe that the combination of a soft policy by the Fed and growing institutional demand creates a foundation for significant Bitcoin growth. They forecast movement in the $90,000-160,000 range over the next six months.
In the medium term, specialists predicted a rally of the first cryptocurrency to $120,000-350,000.
“We maintain a positive outlook on Bitcoin, despite short-term market fluctuations. The growing interest from traditional capital and the inflow of funds into crypto ETFs create a sustainable demand that has already become a key driver for the entire sector,” noted Ryan Lee, chief analyst at Bitget Research, in a comment to ForkLog.
The expansion of stablecoin offerings and net inflow into Bitcoin-ETFs confirm the market’s transition to a more mature phase. Demand is increasingly driven by fundamental investor trust rather than speculation.
Fluctuations may be caused by the Federal Reserve’s decision on the key rate at the December meeting. The situation around Stream Finance and the decline of the US stock market could also put pressure on digital assets.
“Nevertheless, Bitcoin has already passed the main phase of correction, and the potential for decline remains limited,” Lee added.
Back in April, Morgan Creek Digital co-founder Anthony Pompliano predicted a Bitcoin rally thanks to US President Donald Trump’s ‘helicopter’ money.