New and retail Bitcoin investors experienced the largest loss-making sale in the past year, selling over 148,000 BTC at prices below their cost basis. According to analytics firm CryptoQuant, on November 14, 2025, the market saw the sale of 148,241 BTC for a total of nearly $14.3 billion. The average selling price was approximately $96,853 per coin, significantly lower than their average entry price in the range of $102,000-$107,000.
This is reported by Finway
Investor Capitulation and the Impact of ‘Old Whales’
Experts note that such behavior among investors is a sign of capitulation in the market. Those who entered Bitcoin near local peaks were unable to hold their positions after the price fell below the key psychological level of $100,000. To avoid further losses, they converted their paper losses into real ones, effectively locking in their losses.
“The market often finds support precisely when the weakest participants are forced to exit. […] While this has caused acute short-term pain, the transfer of coins from panickers to confident buyers at a reduced price may lay a solid long-term foundation. This capitulation could represent a necessary, albeit harsh, reset, potentially marking the culmination of fear that precedes a more stable period,” the company emphasized.
Coin Distribution and Market Structure Changes
CryptoQuant CEO Ki Young Ju emphasizes that the market is currently undergoing a significant phase of rebalancing. According to him, this decline is driven by the redistribution of Bitcoins among different groups of investors. Long-term holders, referred to as ‘old whales’, are selling their assets to traditional financial investors who plan to hold Bitcoin for the long term.
The expert also highlighted that “the cycle theory no longer works while big players are building liquidity channels.”
It is worth noting that recently, investors withdrew over $1.1 billion from Bitcoin ETFs in a week, which is further evidence of changes in the Bitcoin market structure.