Is This the Start of a Crash?

Key Insights:

• Over $2.8B pulled from Bitcoin ETFs since November 12, sparking institutional exit fears.
• Whale wallets increased by 91 as small holders dropped off, showing silent accumulation.
• Bitcoin still holds its ascending channel base, but pressure builds from consistent ETF exits.

Bitcoin ETF outflows have increased sharply since mid-November. Data shows more than $2.8 billion has left ETF products since November 12, including a single-day record of $891.5 million on November 20.

The chart reflects growing pressure, with a series of large redemptions in recent sessions. These redemptions are matched by a gradual decline in Bitcoin’s price. 

As Crypto Patel noted,

 “This is the first clear sign of a sentiment reversal.” 

Furthermore, the market watchers are tracking liquidity and institutional behavior closely.

Price Holds Trend Support for Now

Despite the ETF withdrawals, Bitcoin’s price continues to follow its long-term upward channel. A chart by Trader Tardigrade shows that Bitcoin has touched the lower edge of the rising channel, a level that has triggered strong moves in the past.

Each prior contact with this zone led to a multi-month rally. Bitcoin was trading at $87,333.61, with a daily gain of 0.6%, but down 2.5% over the past week. The trend remains intact for now, though further pressure may test that structure.

Whale Wallets Add While Small Holders Drop

New data from Santiment shows an increase in wallets holding 100 BTC or more. Since November 11, 91 new whale wallets have been added, a rise of 0.5%. In contrast, smaller wallets—particularly those with 0.1 BTC or less—have decreased.

This shift may show growing interest from larger holders during the recent dip. Santiment shared, “Retail capitulation will generally play out well for crypto prices in the long run.” The data points to redistribution from smaller hands to larger ones.

Short-Term Focus: Support and Flow Direction

Bitcoin’s short-term path may depend on whether the long-term trendline holds and if ETF outflows slow. The price still trades above key support, but outflows remain active.

The combination of weakening retail participation, institutional selling, and quiet whale accumulation creates a mixed picture. Market participants are watching closely to see which side takes control next.