BTC drops 0.41% amid heightened whale movements and ETF withdrawals, underscoring market instability

As of November 25, 2025,

slipped 0.41% over the past day, settling at $88,110.97. Over the previous week, BTC climbed 1.5%, but it has fallen 19.77% in the last month and is down 6.02% year-over-year. These numbers indicate a turbulent market, with significant price swings fueled by major institutional players and speculative trading.

Whale Activity Surges on Hyperliquid

There has been a notable uptick in on-chain transactions on Hyperliquid, underscoring the impact of large traders on BTC’s price direction. A prominent “BTC

Insider Whale” moved $10 million from Binance to Hyperliquid, using the capital to establish a 5x leveraged long position. This trade is now worth $43.95 million, with an average entry of $2,945 and a liquidation threshold at $2,326.

Other significant whale actions have also drawn notice. A newly created wallet deposited $5.35 million into Hyperliquid and opened a BTC short with 20x leverage, resulting in a $43.53 million position. At the same time, “The Ultimate Bear” added $3 million in collateral to its BTC short, pushing the liquidation price up to $94,000 and now holds a $108 million short with $28.51 million in unrealized gains.

ETF Withdrawals and Shifting Capital

Mid-November saw substantial outflows from Bitcoin ETFs, with nearly $900 million exiting spot funds in a single day. Throughout November 2025, total withdrawals hit $3.79 billion—the largest monthly outflow since these ETFs began in January 2024. BlackRock’s iShares

Trust (IBIT), Grayscale’s , and Fidelity’s FBTC were among the most affected, losing $355.5 million, $199 million, and $190 million, respectively.

Conversely, Solana-based ETFs attracted $531 million in their debut week, spurred by attractive staking rewards and reduced fees. This capital rotation has highlighted a clear split between Bitcoin and

in the ETF sector, as investors seek better returns in alternative assets amid Bitcoin’s downward momentum.

Market Mood and Forced Liquidations

The overall crypto market stayed bearish, with 63% of the top 200 coins by market cap posting losses in the last day. Highly leveraged trades have been especially exposed to volatility, with one well-known trader enduring 31 straight margin calls. This account, dubbed the “Cool-headed King of Short Selling,” has lost $15.3 million over the past week, despite still holding $1.24 million in the account.

Liquidations on Hyperliquid have added to the selling pressure on BTC and

shorts. For example, the “Calm Liquidation King” suffered $2.8 million in losses from major liquidations, with its BTC short now worth $22.14 million and an unrealized loss of $1.18 million.

Institutional Flows and Market Correlations

The Nasdaq 100’s recent best single-day performance since May has sparked discussion about possible spillover effects into crypto. Historically, Bitcoin has tracked U.S. tech stocks during bullish periods, but the current climate shows a disconnect, with Bitcoin ETFs seeing outflows while altcoins and other digital assets attract new capital.

Meanwhile, increased institutional participation on platforms like Kalshi points to rising interest in crypto derivatives and prediction markets. While this could eventually boost liquidity and depth for BTC and other coins, the market remains highly speculative and vulnerable to broader economic trends for now.

Forecast and Strategic Positioning

With BTC trading at its lowest point in a month and institutional products experiencing persistent outflows, short-term price movement is expected to remain within a range. Whale trades indicate a mix of strategies, with some doubling down on long bets and others increasing short positions in anticipation of further declines.

Experts believe these patterns may persist in the near future, with leveraged trading and ETF flows playing a key role in BTC’s next move. Investors should keep a close eye on on-chain metrics and ETF fund flows as important signals of market sentiment and potential inflection points.