Analysis: The super Whale's losses during this pullback are significantly lower than before, and the core tokens are still firmly held.

On November 16, on-chain analyst Murphy stated that in the context of deteriorating market sentiment, the super whale group that truly holds a massive amount of chips remains relatively calm. On-chain data shows that large wallets holding 1,000–10,000 BTC have realized losses of only $80 million (7D-SMA), a scale significantly lower than the levels during the two key pullback periods in August 2024 and March 2025. The larger whale group is similar. The super whales holding 10,000–100,000 BTC have realized losses of approximately $40 million (7D-SMA) during this downturn, also significantly lower than the losses during the previous two periods. This round of market maker funds appears to be more mature and stable in terms of psychological expectations, risk tolerance, and position management, and these core chips are still firmly held. In terms of chip structure, the BTC price remains within the accumulation range of $92,000–$117,000, with the highest trapped chips at $112,000 decreasing by only 11,000 compared to last week, basically confirming that most chips are held by long-term funds, which are insensitive to short-term price fluctuations. The most significant reduction in chips occurred around $100,000, where the number has decreased by 102,000 BTC compared to last week, leaving 363,000 BTC, which is the area with the most severe short-term chip selling pressure. The current price of $96,000 has increased by 160,000 compared to last week, with the majority coming from chip selling at the $100,000 level.