Bitcoin whales added approximately 47,000 BTC during the recent 24% decline, according to on-chain data published by CryptoQuant. Wallets holding between 1,000 and 10,000 BTC accounted for 43,700 BTC of that accumulation. However, mid-sized holders sold more aggressively: wallets with 100–1,000 BTC reduced holdings by 50,500 BTC, while those with 10–100 BTC shed an additional 14,400 BTC. The divergence contributed to a sharp drop in 30-day apparent demand to roughly -284,000 BTC, the weakest level since April 2025. Since October 29, 14 out of 16 days recorded net realized losses totaling about 84,000 BTC. CryptoQuant analysts note that short-term holders, ETF flows, and mid-sized wallets are selling faster than whales can absorb.