November 30 on Binance 6870 BTC were purchased, these purchases preceded sharp liquidations and a decline in trading volumes.
According to on-chain analyst Amr Tahi, on November 23, the realized market cap for short-term holders, which essentially represents the total value of BTC held for less than 155 days, exceeded $51 billion.
This is the highest level since December 2024, signaling a significant influx of new capital into the market. According to Taha, such surges coincided with market peaks.
Meanwhile, the realized supply of long-term holders moved in the opposite direction, declining by approximately $47 billion. According to the analyst, this indicates that experienced investors who bought coins at lower prices were distributing their BTC among new retail buyers.
Exactly the same picture was observed before the significant corrections in December and March 2024. The subsequent drop in Bitcoin‘s price by $5000 within a few hours confirmed this thesis.
Another analyst, Ash Crypto, wrote that BTC’s $5000 price drop in three hours wiped over $200 billion from the crypto market. This occurred without any obvious macroeconomic or regulatory factors, so he deemed it «pure manipulation to once again negate leverage.»
Now Bitcoin is sandwiched between important support in the $84,570 region, where more than 610,000 BTC last moved, and significant resistance in the $112,340 region.