At the same time, wallets with one BTC or less slipped to about 977,420 from 980,577 late in October, showing smaller holders are thinning out.
Those two trends together have some market watchers reading a shift from panic selling toward larger buyers taking positions.
Some traders argue the big transfers are plain buying. Others say the pattern looks like forced selling by leveraged accounts, followed by accumulation as the market finds a new base.
One on-chain observer flagged repeated, time-bound selling that could be tied to liquidation events, a pattern that might end once available supply dries up or liquidations stop.
Taken together, those readings suggest many recent buyers are underwater and that capitulation has been intense.
If large transfers recorded by Santiment were mostly outbound from exchanges, that would look like accumulation into cold storage or OTC custody and could reduce sell pressure.
Several market participants described the move as a “washout” that clears short-term froth. Others noted that news events — from major earnings to macro headlines — have amplified twitch trading and sudden swings, which can trigger both big transfers and sudden price drops.
A handful of asset managers say they are seeing buying at discounted prices while retail participation cools.
Featured image from Gemini, chart from TradingView
