Bitcoin Value Declines as Experts Highlight Concealed Losses from a Major Participant

Key Takeaways:

• Bitcoin is under pressure after breaching the $100,000 support level, with market sentiment divided between bearish indicators and hopes for a recovery.
• Liquidity has significantly decreased since October 10, with trading volumes dropping from $1.3 billion to approximately $430 million.
• Traders suspect that a significant market participant may be discreetly reducing their exposure, resulting in ongoing selling pressure without a clear reason.
• Analysts observe that long-term holders may be reallocating assets to institutional investors, contributing to the uncertainty surrounding recent market movements.
• A death cross on the chart, along with key macroeconomic data this week, could influence whether Bitcoin stabilizes or declines further.

Bitcoin (BTC) is trending downward, liquidity is diminishing, and the repercussions of October 10 continue to impact the market. Sentiment is polarized, confidence is waning, and the upcoming days may be crucial in determining the price’s next trajectory.

Investor and trader sentiment has bifurcated into two distinct groups. Some have adopted a pessimistic outlook and exited their positions, while others maintain that indicators still suggest a bullish perspective. The levels around $92,000 have yet to be tested, but it is evident that the $100,000 support is no longer intact.

Cryptonews previously indicated that Bitcoin’s price might trend toward the $92,000 region, where the so-called CME gap exists, recognized as an area of seller inefficiency. Historically, Bitcoin frequently attempts to address such gaps. The price fell to $93,000 on Sunday, November 16, after which buyers re-entered, leading to a slight recovery.

Bitcoin (BTC)24h7d30d1yAll time

The Ongoing Effects of the Crypto Crash: Bitcoin Liquidity Is Declining

According to Blockchain, Bitcoin trading volume on major exchanges has dipped below $1 billion, currently resting at around $430 million. In comparison, this figure was $1.3 billion on October 11.

Source: Blockchain

It remains unclear whether this decline indicates a waning interest from large players or an effort to mitigate losses. Some market participants interpret it as a strategic maneuver aimed at eliminating weaker hands.

Following the events of October 10, an increasing number of traders remarked that the market felt altered, as if a more significant issue had transpired behind the scenes.

Unipics, a prominent crypto trader, posits that a major player may have encountered serious challenges and is now discreetly reducing their exposure without attracting attention. This could account for the ongoing selling pressure and the decrease in trading volume:

This time around there is so much opacity around 10/10 that almost everyone knows someone major got hit big time. We just do not know who or by how much. And that makes assessing the extent of the pain a lot harder, since we are otherwise shooting in the dark.

This perspective clarifies the sustained selling pressure. There have been no public disclosures regarding issues at funds, market makers, or exchanges. The potential for an unseen liquidation keeps the situation ambiguous. The market senses tension but cannot pinpoint its origin or magnitude.

With Bitcoin liquidity declining from $1.3 billion to roughly $430 million post-October 10, some analysts contend that the market is not experiencing a loss of interest but rather a redistribution of capital.

Ki Young Ju, founder and CEO of CryptoQuant, suggests that long-term large holders are decreasing their exposure and reallocating assets to institutional investors with extended time horizons.

This dip is just long-term holders rotating among themselves. Old Bitcoiners are selling to tradfi players, who will also hold for the long run.
The reason I predicted the top early this year is that OG whales were dumping hard. But the market structure has changed. ETFs, MSTR,… https://t.co/eGTRqPivFT

— Ki Young Ju (@ki_young_ju) November 17, 2025

This type of quiet exit, coupled with the lack of transparency surrounding October 10, reinforces the sense of pressure without an apparent catalyst. The market observes selling and reduced volumes, but the actual driver remains elusive. Consequently, it is challenging to gauge the extent of the situation, as the price decline may signify a shift in ownership rather than widespread capitulation.

Critical Week for Bitcoin

Benjamin Cowen, CEO of Into The Cryptoverse, highlights that Bitcoin’s price has formed a bearish moving average pattern known as a death cross. This signal often emerges after prolonged declines and may coincide with a moment when sellers begin to lose momentum. If the market remains within a broader uptrend, a recovery should materialize within a week. If the price fails to rebound and continues to decline, another drop may ensue:

If no bounce occurs within one week, probably another dump before a larger rally back to the 200D SMA which would then mark a macro lower high.

Historical data indicates that a death cross does not always signify a prolonged bearish trend. More frequently, it has appeared following a notable correction and coincided with markets approaching a local reversal. However, it is not an assured bullish indicator either.

In cycles where the market entered a bearish phase, the initial rebound tended to be weaker, resulting in only a temporary recovery before another decline.

This week also features significant macroeconomic releases. On November 19, the market will receive the FOMC minutes, followed by PMI data for November, encompassing manufacturing and services on November 1. These reports could affect sentiment and heighten volatility.

Meanwhile, institutional news continues to surface. Harvard University revealed in its recent report that it has substantially increased its Bitcoin exposure through BlackRock’s ETF. The position is now valued at approximately $442 million.

HARVARD IS BUYING BITCOIN
Harvard University just revealed that they hold $442 MILLION USD of BlackRock’s IBIT Bitcoin ETF. Since the end of June, they purchased an additional 4.9 million shares, worth $318.95M in their latest 13F filing.
Harvard QUADRUPLED their BTC exposure… pic.twitter.com/IkE5nMa7MM

— Arkham (@arkham) November 15, 2025

The combination of undisclosed selling, decreasing volumes, and mixed macro signals leaves the market without a definitive direction. Bitcoin’s forthcoming movements will likely hinge on how traders interpret this week’s data and whether liquidity begins to recover.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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