Data Indicates Bitcoin Investors Committing Fully at Unprecedented Rate

Bitcoin accumulator addresses have reached a new record high by acquiring over 375,000 BTC within a 30-day period, with more than 50,000 BTC purchased just yesterday, as per analysis from CryptoQuant.

This vigorous buying trend continues despite a general decline in market demand, while Bitcoin remains around $101,000 amidst significant fear and a 37-day government shutdown that is costing the U.S. GDP approximately $15 billion weekly.

Source: CryptoQuant

The monthly average for these long-term holder wallets has more than doubled in less than two months, increasing from 130,000 to 262,000 BTC.

In addition, Bitcoin whales have accumulated nearly 30,000 BTC, valued at around $3 billion, this week, which stands in stark contrast to the retail panic and ETF outflows that have been prevalent in the news following BTC’s 20% decline from its October peak of $126,198.

Market Signals Indicate Accumulation Zone Despite Fear

Bitcoin’s MVRV ratio is currently approximately 1.8, its lowest point since April 2025, suggesting that the market value is nearing the average cost basis for investors.

Source: CryptoQuant

Historically, when the MVRV falls within the 1.8-2.0 range, it often aligns with mid-term market bottoms or the initial stages of recovery.

Simultaneously, the Stablecoin Supply Ratio has decreased to its lowest level since the COVID-19 pandemic, indicating that there is significant dry powder ready to be invested in BTC.

The Fear & Greed Index has also dropped into “Extreme Fear” territory, nearing 20, as over $1.7 billion in positions were liquidated in the last 24 hours, primarily from over-leveraged long positions.

Source: Alternative[dot]me

However, exchange reserves continue to decline, indicating that coins are being moved into self-custody rather than being sold, a trend that historically corresponds with stabilization phases.

The Realized Profit-to-Loss Ratio’s 90-day simple moving average is at 9.4, reflecting a slight cooldown since July, yet still more than double the levels observed during the last two mid-cycle bear markets.

Source: Glassnode

Significantly, on Binance futures, substantial support clusters have emerged, with 700 BTC in limit orders positioned at $100,500. Additionally, a 1,000 BTC order at $102,000 was recently executed, indicating that institutions are still actively involved.

Large support clusters forming on Binance Futures
1,000 BTC limit order at $102,000 got filled
Current support: 700 BTC at $100,500, holding firm for now pic.twitter.com/xnS6P4NyEd

— Maartunn (@JA_Maartun) November 6, 2025

Macro Headwinds Reshape Ownership Ratio

Bitcoin’s ownership landscape has shifted significantly as entity-scale holders increased their holdings by 21.7% to 7.05 million BTC following the approval of spot ETFs in January 2024, while retail holders have decreased their balances by approximately 20% to 3.4 million BTC.

Martin Hiesboeck, head of blockchain research at Uphold, attributes this change to whales transferring billions into regulated ETFs, motivated by tax benefits and improved access to institutional services, marking a potential decline in self-custody for Bitcoin.

Crypto trader Alex Kruger has noted a cautious market outlook, pointing out that the government shutdown presents near-term challenges until it is resolved, which is expected to happen sometime between the end of next week and Thanksgiving. Following this, he anticipates “BTC +5% or more within 48 hours of deal.”

The FOMC meeting on December 10 could be hawkish, as most Fed officials prefer a pause that is not currently factored in, while a potential new Fed chair nomination before the year’s end could be “bullish to very bullish.”

Market outlook for risk assets into year end and beyond
1. Government Shutdown: cautious stance until resolved.
2. Shutdown over: bullish, estimated to be resolved sometime between end of next week and Thanksgiving. Expect BTC +5% or more within 48 hours of deal.
3. FOMC…

— Alex Krüger (@krugermacro) November 7, 2025

Analysts Divided on Whether Bull Market Has Ended

Market sentiment has shifted to a predominantly negative stance following Bitcoin’s first October loss in seven years, with the 3.69% drop prompting uneasy comparisons to 2018 when BTC fell 36.6% in November after a similar October decline.

Market analyst Ted Pillows cautioned that crypto markets are likely to decline further, asserting that “there’s a time to be bullish. Now is not that time.”

There’s a time to be bullish.
Now is not that time.

— Ted (@TedPillows) November 6, 2025

FXTM’s senior market analyst, Lukman Otunuga, informed Cryptonews that it has been a “rough and rocky” few weeks, with sellers capitalizing on every opportunity, and cumulative ETF outflows surpassing $1 billion since October 29.

While gold and the S&P 500 have recorded year-to-date returns of 52% and 15%, respectively, Bitcoin is lagging at 8%, with Otunuga warning that a “solid move below $95,000” could result in BTC’s first negative year since 2022.

The Coin Bureau’s co-founder Nic Puckrin presented a more measured perspective, stating to Cryptonews that a sustained drop below $100,000 “is possible, but certainly not inevitable,” arguing that long-term Bitcoin holders are “simply taking profits after holding for a long time” rather than losing faith.

Puckrin warned that “many digital asset treasuries will sell in a downturn, because they have raised funds under specific terms and will need to meet those obligations, regardless of the price of BTC,” which could exacerbate selloffs through leverage.

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