Bitcoin price remains under pressure amid the latest market downturn, even as a long-dormant whale wallet has reportedly resumed buying BTC.
The large-scale accumulation has drawn attention to the confidence of major holders and whether their activity signals a shift in market sentiment.
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As of press time, Bitcoin price is trading at $75,368.40, a decline of 0.95% over the last 24 hours. The reported accumulation occurs as spot Bitcoin ETFs post significant outflows and technical indicators point to fading momentum.
Also Read: Bitcoin Price Prediction: 3 Bearish Signals as ETF Outflows Surge
Why Is Bitcoin Whale Accumulation Drawing Attention?
Lookonchain posted on X that a whale that had been inactive for over a year had started buying Bitcoin again, accumulating 3,009 BTC in total, worth approximately $228 million.
The account stated, “After more than a year of inactivity, this whale keeps buying $BTC, purchasing a total of 3,009 $BTC ($228M) today!”
The attached Arkham transaction screenshot displays several transfers from Binance Hot Wallets to the receiving address. The individual transfers included 437 BTC and multiple transactions of 643 BTC, providing additional transaction context for the reported accumulation.
This activity points to renewed interest on the part of a large holder. However, wallet transfers on their own cannot confirm whether these transactions represent fresh open-market purchases or movements of existing holdings.
Also Read: Bitcoin Price Risks $76K as Ethereum Faces Drop Toward $2,000
What Do Bitcoin ETF Outflows Show?
Bitcoin’s reported whale accumulation stands in contrast to institutional investment activity. Per SoSoValue, spot Bitcoin ETFs saw $430.20 million in net outflows on November 5.
The data also indicated cumulative net inflows of $56.11 billion and total net assets of $96.65 billion. These numbers suggest that a considerable amount of capital remains invested in Bitcoin ETFs despite the recent withdrawals.
The gap between whale activity and ETF flows paints a mixed picture of demand. Although the reported accumulation might point to confidence among large holders, ETF outflows indicate that some investors reduced their exposure to spot Bitcoin funds.
How Does the TradingView Chart Affect Bitcoin Price Analysis?
On Bitcoin’s daily chart, BTC is trading beneath the marked $76,541.73 level, which could act as resistance during a recovery, and the resistance level at $81,798.53. The price is likewise still under the 200-day moving average, which sits at $82,040.41.
The 50-day moving average is at $73,240.15, which gives traders a lower reference point. MACD stays bearish, with the MACD line at -1,423.19 sitting below the signal line at -1,068.50. The negative histogram reading of -354.68 further supports the bearish momentum.
Taken together, these signals point to weakening momentum. Should the price recover above $76,541, buyers could regain short-term control, whereas a move down toward $73,240 would put the 50-day average in the spotlight.
Also Read: Bitcoin Price Forecast: Could BTC Surge 30% Following the FOMC?
What Does Bitcoin Open Interest Reveal About Market Positioning?
According to CoinGlass data, Bitcoin open interest stood at approximately $52 billion on November 6, down from higher levels recorded during late October.
This decline suggests a reduction in the USD value of outstanding Bitcoin derivatives positions. Since the metric is denominated in dollars, falling BTC prices can also contribute to a decline in its value. Therefore, the movement does not necessarily confirm that traders are closing leveraged positions.
CoinGlass liquidation data further reveals multiple major liquidation spikes from May through November, underscoring the risks associated with leveraged Bitcoin positions.
Could Bitcoin Whale Accumulation Help Drive a Recovery?
The reported whale activity is a potentially encouraging development, yet Bitcoin’s technical structure remains weak. Before the $81,798 resistance and the 200-day moving average can become relevant recovery targets, buyers must first reclaim the $76,541 level.
If Bitcoin fails to recover this level, selling pressure could remain elevated, and the 50-day moving average near $73,240 would serve as the next key reference level.
Bitcoin’s whale accumulation offers a potentially bullish demand signal, even as ETF outflows and bearish MACD momentum point to ongoing market uncertainty.
Cryptocurrency markets are still highly volatile, so traders should watch price action, market sentiment, and upcoming catalysts before making investment decisions.
Also Read: Bitcoin Price Under New Pressure as Whales Move $200M
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Athulyamol V S is a Market News Reporter at Tronweekly’s editorial team, covering cryptocurrency markets and digital asset price movements for an international cryptocurrency news platform. She focuses on Bitcoin, altcoins, and DeFi markets shaping the broader crypto ecosystem.
Her reporting is based on real-time market activity, price analysis, and major industry developments, and follows established editorial guidelines and fact-checking processes. Athulyamol holds a postgraduate degree in Communication.
