Bitunix Analyst: Whale' Accelerated Selling Is Not a Panic, But the Risk Lies in Liquidity Shortage

According to Mars Finance, on November 17th, on-chain data showed that several "whale" holding over a thousand Bitcoins recently engaged in concentrated selling, causing the Bitcoin price to fall from below $100,000 to approximately $97,000. Exchanges and derivatives markets simultaneously showed selling pressure: whale' overall short exposure exceeded their long exposure (on-chain data showed approximately $2.17 billion in short positions and $1.18 billion in long positions), while Bitcoin ETFs have seen net outflows for several consecutive weeks, accumulating to several billion dollars over the past five weeks, indicating a significant decrease in demand. Protective put options in the derivatives market were active around $90,000–$95,000, indicating the market was seeking hedging at lower levels. Although the large-scale selling was likely due to long-term holders taking profits—reports from Glassnode and MarketVector both suggest "planned selling" rather than panic selling—the current situation is not without risk. The key lies in the depth of absorption: during the prolonged sell-off from the end of last year to the beginning of this year, there was still buying pressure in the market; currently, the slowdown in ETF outflows and institutional allocation makes it easier for the same size sell orders to amplify price fluctuations, causing a liquidation-level chain reaction. Technically and in conclusion, the key short-term price levels to watch are $100,000 and $93,000; if $93,000 is confirmed to be breached, the market may test deeper liquidity zones. Conversely, if active buying (including known large investors such as Strategy) intervenes at low levels and stabilizes ETF flows, a structural rebound after deleveraging may be initiated. Bitunix analysts' views focus on whale wallet dynamics and large transfers; ETF fund flows and institutional buying and selling announcements; and changes in put/out open interest (PUT/OI) and implied volatility in derivatives—a simultaneous positive turn in all three indicates a genuine return of buying pressure; otherwise, the market will continue to be driven by liquidity.