Bitcoin whales, universities, and banks are calling it a “sale,” while retailers are calling it a disaster.
Bitcoin has plunged to nearly $80,000, down 36% from its October high of $126,000. November has become the world's weakest month since June 2022, and even the most staunch hodlers are starting to get nervous.
The numbers speak for themselves: $4 billion has been lost from Bitcoin ETFs, and liquidations amount to hundreds of millions of dollars. Retail investors who entered positions in 2025 are now sitting at a 13% loss—their average entry price is $103,000. The Fear and Greed Index has reached “extreme fear” levels, its lowest in three years.
Institutions vs. Retail
While ordinary investors are panicking, major players are acting differently. According to Coinbase Institutional, central banks and universities are viewing the current situation as a “sale” and are actively buying Bitcoin. But the overall trend is still mixed.
November surpassed February's record low of $3.56 billion and became the worst month since the products launched in January 2024. BlackRock's exchange-traded fund lost $2.47 billion in November, representing 63% of the record $3.79 billion outflow from all U.S. spot Bitcoin ETFs.
Large holders are moving $405 million worth of Bitcoin from exchanges to vaults, indicating long-term strategies rather than speculation (CryptoQuant). However, the negative Coinbase premium indicates selling by US-based institutional players (Coinbase Premium).
Strategy doesn't give up
Strategy continues to aggressively accumulate Bitcoin despite the decline. From July to November, they added thousands of coins, including 4,225 Bitcoin worth $472 million at a price of $111,000 in July. The company's Bitcoin reserves amount to 649,000 BTC at an average price of $66,000—3% of the main cryptocurrency's total supply.
Michael Saylor emphasizes that such acquisitions are a matter of survival in an era of a weakening dollar. The company has already achieved a 13.7% return this year (Q3 Report).
Other “whales” are following suit: Adam Back bought $35 million worth of Bitcoin, Kazakhstan is switching from gold to BTC, JPMorgan calls Bitcoin “cheap,” and Tesla has resumed investing.
Universities are getting into the game
Harvard tripled its ETF portfolio to $443 million through BlackRock, while BNY Mellon increased its positions by 140%. ETFs absorbed 975,000 bitcoins in 2025—seven times the mining volume. Corporate reserves exceeded one million coins.
Standard Chartered is sticking to its $200,000 forecast by year-end if Bitcoin reclaims the $95,000-$100,000 level.
Source: cryptonews.net
