With Asian whales, U.S. institutions, and a shaky $92K line pulling in different directions, the next move is far less obvious than it seems.
LTH rotation hits peak as retail interest collapses
LTHs have been rotating supply at the fastest pace seen this year.
Source: X
Net Position Change flipped from steady Q2-Q3 accumulation to distribution in October and early November. This came just as global search interest for “crypto” had fallen back to deep bear market levels.
Source: X
Supply is moving aggressively while attention has nearly disappeared. These conditions often show up at major turning points, when low activity hides building pressure.
Bitcoin is in that same spot now; fast LTH movement on one side, a quieter crowd on the other. A big move is underway.
American flows take over the sell-side
Building on this, regional flow data showed a clear handoff in pressure.
Source: X
APAC wallets drove the slide from $126K toward $100K, with their Cumulative Returns turning sharply negative through late October. But the break below $100K came from U.S. institutions, whose session returns have been the weakest on the board and are now the largest source of net distribution.
Key support under pressure
