Whale Demand for Bitcoin Surpasses Mining Output by 13% Despite Price Drop

Institutional investors outpace miners in Bitcoin acquisition, exceeding new coin influx.

Institutional investors have begun acquiring digital gold at a pace faster than miners can produce it. For the first time since November, corporate demand has exceeded the influx of new coins into the market.

Over the past three days, the volume of purchases has outpaced daily production by 13%. Bitcoin is once again attracting the attention of financial institutions amid a decline in prices of more than 30% from October’s highs.

Charles Edwards, founder of Capriole, noted the ongoing market stress within the range of $126,000 to recent lows of $80,500.

In the last month there have been no new treasury companies, but there have been first time treasury company sells pic.twitter.com/swXVJ9PvzS

— Charles Edwards (@caprioleio) December 5, 2025

According to him, there is a disruption in the “corporate flywheel.” This is indicated by record discounts to net asset value among bitcoin-holding companies and increased leverage.

Pressure from corporate treasuries may complicate price recovery, despite the strong fundamental network indicators, Edwards emphasized.

Miners and Whales Hold Bitcoin

The leading cryptocurrency has adjusted to $86,600. Despite market pessimism and fund withdrawals from ETFs, long-term holders continue to accumulate the asset. Analyst GugaOnChain highlighted this trend.

The expert pointed out the divergence in market participant behavior. The Fear and Greed Index dropped to 11 (“extreme fear”), yet major players like Michael Saylor’s Strategy are increasing their positions.

Nonetheless, short-term metrics remain negative:

• ETF outflows: in two days, spot bitcoin funds lost $634.8 million;
• seller pressure in the US: a negative Coinbase Premium Gap (-16.04) indicates sales in the American market;
• loss realization: the SOPR indicator at 0.98 confirms that investors are selling coins at a loss.
• speculator capitulation: MVRV for short-term holders fell to 0.84, with 35% of the total bitcoin market supply in unrealized loss.

Long-term indicators suggest coin accumulation and growth potential:

• miners: MPI (-0.81) indicates that participants in the segment are less frequently sending bitcoins to exchanges, reducing potential selling pressure;
• whales: addresses with balances from 1,000 to 10,000 BTC acquired 694,000 BTC over the past 60 days;
• market assessment: the Puell Multiple (0.85) signals the asset is undervalued and presents a favorable entry point.

GugaOnChain concluded that the market is in a transitional phase: short-term pessimism contrasts with strategic asset accumulation by major players.

As reported, CryptoQuant analyst Carmelo Aleman noted that new investors in the leading cryptocurrency are incurring losses, as the coin has been trading below their average entry price for over a month.