"Whale" demand for Bitcoin exceeds mining by 13%, despite price decline - ForkLog: cryptocurrencies, AI, singularity, future

# “Whale” demand for Bitcoin exceeds mining output by 13%, despite price decline

Institutional investors have started buying digital gold faster than miners can produce it. For the first time since early November, corporate demand has surpassed the inflow of new coins to the market.

Source: Cointelegraph/Capriole. Over the past three days, purchase volume has outpaced daily mining by 13%. Bitcoin is once again attracting the attention of financial institutions amid a price drop of more than 30% from October highs.

Capriole founder Charles Edwards noted ongoing market stress in the range of $126 000 to recent lows of $80 500.

In the last month there have been no new treasury companies, but there have been first time treasury company sells pic.twitter.com/swXVJ9PvzS

— Charles Edwards (@caprioleio) December 5, 2025

According to him, there is a disruption in the “corporate engine.” This is indicated by record discounts to net asset value among Bitcoin-holding companies and increased leverage.

Pressure from corporate treasuries could complicate price recovery despite strong network fundamentals, Edwards emphasized.

Miners and whales hold Bitcoin

The leading cryptocurrency has corrected to the $86 600 level. Despite market pessimism and fund withdrawals from ETFs, long-term holders continue accumulating assets. GugaOnChain analyst pointed this out.

The expert notes a divergence in market participant behavior. The fear and greed index has fallen to 11, indicating “extreme fear,” but large players like Michael Saylor’s Strategy are increasing their positions.

Nevertheless, short-term metrics remain negative:

• ETF outflows: over two days, spot Bitcoin funds lost $634.8 million;
• Selling pressure in the US: negative Coinbase Premium Gap of (-16.04) indicates sales in the American market;
• Profit-taking: SOPR indicator at 0.98 confirms investors are selling coins “at a loss.”
• Speculator capitulation: MVRV of short-term holders has fallen to 0.84, and 35% of the total Bitcoin supply is in unrealized loss.

Long-term indicators suggest accumulation and growth potential:

• Miners: MPI (-0.81) indicates that segment participants are less frequently sending Bitcoin to exchanges, reducing potential selling pressure;
• Whales: addresses holding between 1,000 and 10,000 BTC have acquired 694,000 BTC over the past 60 days;
• Market valuation: P/E ratio of Powell (0.85) signals undervaluation and a favorable entry point.

GugaOnChain concluded that the market is in a transitional stage: short-term pessimism contrasts with strategic accumulation by major players.

Recall that CryptoQuant analyst Carmelo Aleman reported that new investors in the first cryptocurrency are incurring losses, as the coin has been trading below their average entry price for over a month.