Bitcoin fell below $66,000 on Saturday afternoon, dropping roughly 24% from its recent high as short-term holders faced mounting losses and 30-day apparent demand slid to its lowest reading since April 2025.
Bitcoin Price Drops as Large Holders Add Coins
- Bitcoin traded at $64,300, down over 5% in the last 24 hours, while retail sentiment on Stocktwits remained extremely bearish.
- Large holders added thousands of coins, but mid-sized wallets and U.S. spot exchange-traded funds shifted to net selling.
- Analyst James E. Thorne of Wellington-Altus said that a bullish chart pattern is still intact if price levels hold above support.
Bitcoin Falls Below $66,000
Bitcoin fell below $66,000 on Saturday afternoon, the first time the asset has traded beneath that threshold since August. The wider crypto market drifted as investors absorbed the lingering effects of recent elections, Binance-related developments, and tighter monetary policy.
Matt Hougan, Bitwise Chief Investment Officer, stated on X that the market feels a lot like mid-2018 when the industry was exhausted and many investors left. He added that the market could wander through the wilderness for a while before it settles.
“The industry could wander through the wilderness for a while before it settles,” Hougan told followers on X.
Whales Buy While Mid-Sized Wallets Sell
On-chain data from CryptoQuant showed that large Bitcoin holders accumulated around 47,000 BTC during the drawdown. Wallets holding between 1,000 and 10,000 BTC added about 43,700 BTC, while wallets holding more than 10,000 BTC added another 3,300 BTC.
At the same time, mid-sized holders sold off inventory faster than whales could accumulate. Wallets holding 100 to 1,000 BTC removed around 50,500 BTC, and holders of 10 to 100 BTC sold about 14,400 coins.
| Wallet Size / Metric | Net Flow / Holding Activity |
|---|---|
| 1,000 to 10,000 BTC Wallets | Added ~43,700 BTC |
| >10,000 BTC Wallets | Added ~3,300 BTC |
| 100 to 1,000 BTC Wallets | Removed ~50,500 BTC |
| 10 to 100 BTC Wallets | Sold ~14,400 BTC |
Bitcoin Demand Falls as ETF Outflows Increase
CryptoQuant reported that Bitcoin’s 30-day apparent demand dropped to -284,000 BTC, marking the weakest reading since April 2025.
U.S. spot Bitcoin exchange-traded funds reversed from buyers to sellers, shifting from about 49,700 BTC of purchases to approximately 29,600 BTC of selling. Meanwhile, recent buys by Strategy were small, leaving short-term traders underwater after paying an average of about $80,300 per coin.
Traders Face Losses as Support Levels Shift
Short-term traders who held paper gains of roughly 35% on September 21 now face losses of some 15%. Net realized losses occurred on 14 of 16 days since October 29, totaling approximately 84,000 BTC, with Friday registering the worst drawdown at 18,500 BTC sold at a loss.
CryptoQuant said that former support levels near $73,000 have turned into resistance near the 200-day moving average. Downside support rests at $63,000, $59,800, and the 2026 low of $57,700.
James E. Thorne of Wellington-Altus stated on X that a bullish chart pattern is intact and attributed the selloff to borrowed funds rather than weak fundamentals.
“Bitcoin needs to climb back above $73,000 and then hold above $87,000,” Thorne said on X.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
