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

BlockBeats news, on November 16, on-chain analyst Murphy stated that against the backdrop of deteriorating market sentiment, the super whale group that truly holds massive amounts 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 about $40 million (7D-SMA) during this decline, also significantly lower than the loss scale in the previous two periods. The current market maker funds appear to be more mature and robust in psychological expectations, risk tolerance, and position management, with these core chips still firmly held. In terms of chip structure, the BTC price is still within the range of the large chip accumulation area of $92,000–$117,000, with the most trapped chips at the high position of $112,000 reducing by only 11,000 compared to last week, basically confirming that most chips are being held by long-term funds, which are insensitive to short-term price fluctuations. The largest reduction was around $100,000, which has decreased by 102,000 BTC compared to last week, currently leaving 363,000 BTC, where the short-term chip selling pressure is the most severe. The current price of $96,000 has increased by 160,000 BTC compared to last week, with the vast majority coming from chip selling at the $100,000 position.