In addition to the whales, short-term holders have exacerbated the sell-off in bitcoin, and the huge size of leverage trades that close automatically as prices decline.

Some of the rather large market players got rid of their coins, provoking panic sales, and thereby provoking a collapse in prices.

When analyzing the data of on-chain metrics, you can see a huge number of short deals from wallet owners with amounts of 1-10 thousand. In other words, from the side of medium-sized whales. At the same time, from November 25, the main buyers are large whales, with balances over 10,000 BTC, which may consider the collapse as an opportunity to buy cheaper.