Market Turmoil and a Mysterious Intervention
Bitcoin's price action today has been dominated by a massive $2.75 billion sell-off from BlackRock’s IBIT Bitcoin Trust, which offloaded over 24,000 BTC. This heavy liquidation sent Bitcoin’s price plummeting to the $104,000 level, triggering a chain reaction of liquidations and fueling intense speculation about the future of the market.
However, a surprising twist followed as a mysterious whale emerged, purchasing $86 million worth of Bitcoin amid the sell-off. This unexpected move by a deep-pocketed investor suggests strong confidence in Bitcoin’s future despite the immediate bearish pressure. The whale’s buy was seen as a counterattack against BlackRock’s sell-off, hinting at a potential reversal in market sentiment.
Whale Buying Sparks Market Reversal?
The sell-off from BlackRock IBIT wallets was relentless throughout the day, pushing Bitcoin’s price to a critical low of $105,000 on Binance. With over $1.36 billion liquidated in just 24 hours, including $1.22 billion from long positions, the market seemed to be on the verge of further decline. Yet, amidst this chaos, institutional buyers were quietly increasing their holdings.
🚨 BREAKING
BLACKROCK JUST STARTED DUMPING BITCOIN AGAIN.
THEY SOLD 24,000 $BTC WORTH $2.75 BILLION AND KEEP SELLING MORE EVERY HOUR.
WHAT’S GOING ON?? pic.twitter.com/LksMyM1oDT
— 0xNobler (@CryptoNobler) November 4, 2025
Prenetics, a Nasdaq-listed healthcare company, made headlines by adding more than 100 BTC at an average price of $109,594, bringing its total Bitcoin holdings to 378 BTC. Meanwhile, The Smarter Web Company, a UK-based Bitcoin tech firm, acquired an additional 4 BTC at $108,510 each, pushing its total treasury to 2,664 BTC. These purchases signal that not all institutional investors are ready to sell—some are clearly betting on Bitcoin’s future growth.
On-Chain Indicators Point to Possible Rebound
On-chain data also points to a significant shift. The Stablecoin Supply Ratio (SSR) has dropped to the 13-14 range, a level that historically marks a potential rebound zone for Bitcoin. This suggests that more liquidity is entering the market, paving the way for a possible recovery in the coming days.
Despite the turbulence, Bitcoin is now testing key support levels. If it can hold steady between $104,000 and $106,000, there’s a strong possibility that it could surge back to the $112,000 to $115,000 range. However, the recent losses in Bitcoin ETFs, totaling $186 million, mean that a strong catalyst is still needed to trigger a full-scale recovery.
The battle between institutional sellers and buyers is far from over, but the whale buying activity has certainly added a new layer of intrigue to the ongoing price action.