A record loss has been recorded in the Bitcoin market over the past year among new and retail investors. On November 14, 2025, according to estimates from the analytical company CryptoQuant, over 148,000 BTC was sold at prices significantly lower than their average acquisition cost.
This is reported by Business • Media
Mass Capitulation of Investors Below the Psychological Threshold
According to analytical data, investors disposed of 148,241 BTC (equivalent to nearly $14.3 billion) at an average price of approximately $96,853 per coin. This level of selling is significantly lower than the average entry price, which ranged from $102,000 to $107,000. The mass capitulation was triggered by the price falling below the psychologically significant threshold of $100,000, forcing many market participants to realize losses in an attempt to avoid further declines.
“The market often finds support precisely when the weakest participants are forced to exit the game. […] While this has caused acute short-term pain, the transfer of coins from panickers to confident buyers at a reduced price may lay a solid long-term foundation. This capitulation could have been a necessary, albeit harsh, reset, potentially marking the climax of fear that precedes a more stable period,” the company emphasized.
Distribution of Coins Among Long-Term Investors
CryptoQuant CEO Ki Young Ju noted that the market is in a phase of massive rebalancing. According to him, the current decline is a result of the redistribution of coins: experienced Bitcoin holders are selling the asset to traditional financial investors who also plan to hold it for the long term. The expert also emphasized that “the cycle theory no longer works while large players build liquidity channels.”
It is worth noting that recently, investors withdrew over $1.1 billion from Bitcoin ETFs in just one week, indicating a high level of volatility and uncertainty in the cryptocurrency market.