Panic Hits Crypto: OG Whales Dump $41B in Bitcoin — Is $70K Next?

Long-term Bitcoin holders have liquidated $41.6 billion in assets amid a sharp decline that pushed the cryptocurrency below $100,000 for the first time since June. Miners are reporting record-low profitability while AI-trade correlation concerns add to market uncertainty. Bitcoin Decline Accelerates as Long-Term Holders Exit Positions Bitcoin’s recent price action has triggered significant selling among long-term holders. In recent sessions, they have offloaded $41.6 billion worth of BTC. The exodus marks one of the largest divestment periods from seasoned investors. These players are historically viewed as the market’s strongest hands. The cryptocurrency declined over 20% from its October record high above $126,000. Ancient Bitcoin wallets have contributed to downward pressure by selling over $1 billion USD, according to crypto analyst PeeCowYay, who cited this among “significant reasons to support this dip.” And Blue was hoping for a retest of 114300k resistance with a soft fluff into 115k by the end of this weekI guess I'm allowed to be wrong once in 5 yearsFrom Sunday till today there has been significant reasons to support this dip*Longest government shutdown in history…— BlueCollarDangerous  (@PeeCowYay) November 4, 2025 The selling activity reflects severe market stress. Over $1.3 billion worth of positions were liquidated in 24 hours, demonstrating the severity of market deleveraging. Some contrarian investors have stepped in during the decline. Andrew Tate reportedly purchased 50 BTC for $5 million, as BTC Treasuries’ Pete Rizzo highlighted the move: “Andrew Tate just bought the dip.” Yet the broader investor sentiment remains cautious. JUST IN: ANDREW TATE JUST BOUGHT 50 #BITCOIN FOR $5 MILLION HE BOUGHT THE DIP  pic.twitter.com/Lu7XJjJwv3— The Bitcoin Historian (@pete_rizzo_) November 4, 2025 Mining Sector Faces Profitability Crisis and AI-Trade Concerns Bitcoin miners are confronting their lowest earnings since April following a $7,000 price decline from $107,000 to $100,000. According to Digiconomist estimates, electricity costs now consume approximately 40-60% of total mining expenses. The combination of elevated network difficulty and reduced transaction fees has created challenging conditions. Compressed margins are forcing mining operations to adjust strategies. Miners have liquidated holdings, with recent data showing $172 million in BTC sales from miner wallets. This profitability squeeze adds selling pressure to an already fragile market structure. Regulatory Uncertainty and Technical Support Levels Market participants are navigating multiple macroeconomic and political uncertainties, significantly compounding selling pressure. The most extended government shutdown in history has created an unstable policy environment, and a filibuster was shot down, adding to political turbulence. A crypto analyst acknowledged being “wrong once in five years” about near-term price expectations. The analyst had previously anticipated resistance testing near $114,300 before the sharp reversal materialized. Bitcoin price chart: BeInCrypto Technical analysts are now focusing on critical support zones. A breakdown below the $100,000-$101,000 area could open the door to a deeper test near $94,000. Some market observers even see potential for a complete retracement toward $85,000 if selling pressure persists. According to InvestingHaven, the most cautious credible forecasts see Bitcoin dropping to the $70,000-$75,000 range if key support fails. Analysts like Tyler Richey of Sevens Report and 10X Research highlight these levels as possible in worst-case scenarios. Peter Brandt assigns a 25% probability to such a pullback. Uncertainty surrounding new regulations continues to weigh on market sentiment. Investors await clarity on digital asset policy frameworks. The post Panic Hits Crypto: OG Whales Dump $41B in Bitcoin — Is $70K Next? appeared first on BeInCrypto.