Bitcoin -0.4% as Whale Activity and ETF Dynamics Highlight Market Uncertainty

Whale Activity Intensifies with 20x Leveraged Short on Hyperliquid

On November 24, 2025, the on-chain analysis tool CoinBobAI_bot reported significant activity from a major Bitcoin whale known as 0x5D2. The whale has maintained a 20x leveraged short position in BTC since May 9, currently valued at approximately $106 million. The position shows an unrealized profit of $29.78 million and has seen a partial 40% closure for profit since October 11, resulting in realized gains of $5.17 million. The whale has recently adjusted its take-profit target from $89,000 to $67,000, indicating a bearish outlook on BTC. The liquidation price for this position has dropped from $105,700 to $92,000 in ten days, exposing 5.75% of the position to potential liquidation. This move underscores the whale's confidence in a continued downward trend in Bitcoin’s price.

Institutional Capital Shifts as ETF Inflows Resume

Despite the whale’s bearish stance, institutional investors appear to be rebuilding positions in Bitcoin through ETFs. On November 21, Bitcoin ETFs recorded $238.4 million in net inflows, marking a reversal after weeks of outflows. BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows with $60.6 million, despite a significant outflow of $523 million the previous day. These movements indicate a growing institutional appetite for Bitcoin, even amid recent volatility. The inflows suggest that long-term investors are positioning for a potential recovery, with many holding positions above $90,000 on average, a level that still remains profitable even after the recent price decline.

CEX Net Outflows Highlight Investor Risk-Off Behavior

CoinGlass data from November 24 revealed a net outflow of 29,194.49 BTC from centralized exchanges over the past seven days. Bitmex led the outflow with 32,226.13 BTC, followed by Coinbase Pro with 25,792.54 BTC, and Gemini with 2,714.25 BTC. In contrast, Binance saw a significant inflow of 16,353.35 BTC. These movements reflect a broader trend of investors moving funds into cold storage or private holdings, often as a risk mitigation strategy during periods of high volatility. The shift highlights a growing preference for holding assets offline, particularly as uncertainty around macroeconomic and regulatory developments continues to shape investor sentiment.

Market Volatility and Support Levels

As of November 24, Bitcoin traded at $87,098.09, a 0.4% increase from the previous 24-hour period. However, the price has fallen by 4.83% in the past week, 20.5% in the past month, and 6.88% in the past year. The recent decline has triggered over $911 million in liquidations affecting approximately 230,000 accounts. Key support levels are currently under pressure, with the $85,000 level becoming a critical pivot point. If Bitcoin fails to hold above this level, further declines toward $82,000 may follow. Conversely, a recovery above $87,500 would signal renewed bullish momentum and potentially reignite investor confidence.

Analysts Project Continued Institutional Interest Amid Uncertainty

Analysts have noted that the current environment reflects a mix of bearish whale activity and institutional accumulation through ETFs. While short-term volatility remains a concern, the long-term fundamentals of Bitcoin, including its capped supply and growing institutional adoption, continue to attract capital. If macroeconomic conditions stabilize and rate cuts materialize, analysts project renewed inflows into Bitcoin ETFs, potentially driving the price back toward $95,000 by early 2026. However, market participants remain cautious as regulatory developments and macroeconomic pressures continue to shape the landscape.