Bitcoin (BTC) Price: Whales Buy the Dip as Nvidia Earnings Spark Rally From $88K

TLDR

• Bitcoin dropped to $91,500 on Wednesday after a 5% single-day decline, now down 17% over the past 30 days
• Cameron Winklevoss claims this may be the final opportunity to buy Bitcoin below $90,000
• Large wallet holders increased from 1,354 to 1,384 addresses holding 1,000 BTC between late October and mid-November
• The Crypto Fear & Greed Index plunged to 15, levels not seen since mid-2022
• Bitcoin briefly fell below $89,000 on Wednesday before recovering following positive Nvidia earnings

Bitcoin dropped below the $92,000 level on Wednesday, trading at $91,500 after experiencing a sharp 5% decline in a single day. The leading cryptocurrency has now fallen 17% over the past month.

The recent price action follows a stretch of heavy volatility that started with a peak in early October. Market sentiment has shifted into deep fear as investors reassess their risk positions.

The Winklevoss brothers have previously compared Bitcoin to gold and suggested it could reach $1 million. Their view frames the current pullback as a buying opportunity.

The recent decline followed Bitcoin’s new high of $126,200 on October 6, 2025. Four days later, heavy liquidations erased close to $20 billion in leveraged positions.

October Peak and Liquidation Event

Analysts tracking market cycles say this pullback matches common patterns after the April 2024 halving. Major peaks often arrive 400 to 600 days after halving events.

Reports from The Kobeissi Letter suggest the current weakness appears to be a routine unwinding of margin positions. The selling does not indicate a collapse in underlying demand.

Data from Glassnode shows wallets holding 1,000 BTC increased from 1,354 on October 27 to 1,384 on November 17. This represents a 2.5% increase in whale addresses.

Smaller holders moved away during the same period. Addresses with less than one Bitcoin dropped from 980,577 to 977,420.

Markus Thielen of 10X Research said large holders have been buying while absorbing selling pressure. This buying activity has been taking place quietly.

Market Sentiment Hits Extreme Fear

The Crypto Fear & Greed Index dropped to readings as low as 15. These levels have not been seen since mid-2022.

CryptoQuant analyst JA Maartun flagged the extreme fear reading. Other industry observers pointed to ETF outflows and geopolitical tensions as additional stressors.

Bitwise CIO Matt Hougan described the current price as a “generational opportunity.” Some analysts warned about possible further downside despite the positive outlook from some industry leaders.

Bitcoin fell to a 24-hour low of $88,540 in late trading on Wednesday. This marked the first time the cryptocurrency dipped below $89,000 since late April.

The price has since recovered to around $91,500, coinciding with Nvidia’s third-quarter earnings announcement that beat Wall Street expectations. Nvidia reported record revenue of $57 billion, helping to lift tech and crypto stocks in after-hours trading.

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