• Bitcoin trades below $100K, marking a 2% daily drop and its weakest start to November ever.
• Whale wallets from pre-2018 are offloading holdings, increasing market pressure.
• Coinbase trading discounts signal continued selling, mostly from ETFs and U.S. investors.

Bitcoin slipped under the six-figure mark, trading at $99,743.31 after a 2% drop in the past 24 hours. The fall comes as market sentiment turns cautious, with traders facing one of BTC’s weakest starts to November in history.

The leading cryptocurrency’s market dominance also appears to be faltering, as BTC’s dominance index (BTC.D) recently broke below its multi-month rising channel, a level that often precedes major market rotations.

According to recent data, BTC’s price behavior this month mirrors historical patterns of high volatility typically seen in November. Markets have often recorded double-digit percentage swings during this period.

However, this time, investors appear more defensive following a lackluster October, suggesting growing uncertainty about Bitcoin’s short-term direction.

Also Read: Bitcoin Price Outlook: $125K Target Unlikely for 2025 Rally

Bitcoin Whale Movements Add to Market Pressure

One of the notable developments in this cycle is the aggressive selling by long-term Bitcoin holders. On-chain charts show that wallets holding Bitcoin since before 2018, often referred to as OG whales, are reducing their exposure significantly.

These entities, represented by orange and red indicators in whale activity charts, have been distributing large volumes during recent rallies.

Their consistent selling has been a major contributor to the current price weakness. Many early holders are realizing profits after holding for years, a move that has historically coincided with temporary price corrections.

This selling phase also highlights how different this market cycle has become compared to previous ones, where older wallets tended to hold longer during early phases of recovery.

Coinbase Discount Reflects Institutional Selling

Adding to the current concerns, Bitcoin is trading at a discount on Coinbase compared to other exchanges.

Market observer Daan Crypto Trades noted that this discount typically appears during downturns, often reflecting heavy spot selling from U.S. institutions and ETF-linked accounts.

While the current discount is not extreme compared to past cycles, it does indicate a phase of downward momentum. Such periods usually reflect large-scale redemptions or institutional reshuffling of assets.

Historically, Bitcoin tends to stabilize only after absorbing this kind of selling pressure, often setting the stage for a gradual recovery.

For now, however, Bitcoin remains under pressure as both whales and institutional players continue to sell into strength.

If BTC fails to reclaim the $100K mark soon, traders may brace for another volatile phase before the market finds its next solid support level.

Also Read: BlackRock Expands With New Bitcoin ETF in Australia: Can it Spark a Rebound?