Bitcoin Sentiment Splits: U.S. Buying Returns as Whales Dump $4.6B in BTC

Source: ETHNews Original Title: Bitcoin Sentiment Splits: U.S. Buying Returns as Whales Dump $4.6B in BTC Original Link: https://www.ethnews.com/bitcoin-sentiment-splits-u-s-buying-returns-as-whales-dump-4-6b-in-btc/ Bitcoin’s market mood is showing a rare divergence. Fresh on-chain data reveals that U.S. demand for BTC is rising again, even as major whale cohorts continue to unwind large positions.

This split between retail-driven inflows and institutional-sized selling is creating one of the most important macro turning points the market has seen in weeks.

U.S. Coinbase Premium Flips Positive Again

The Coinbase Bitcoin Premium Index, a key gauge of demand from U.S. spot buyers, has moved back into positive territory after spending nearly an entire month underwater.

Historically, when the Coinbase Premium flips green, it means one thing:

U.S. buyers are willing to pay slightly more for Bitcoin than global exchanges, which is a strong sign of renewed demand from traditional investors, ETF-linked flows, and high-volume U.S. accounts.

The data shows a clean break above the zero line, ending a long stretch of negative readings that coincided with Bitcoin’s pullback below $90,000. This shift suggests that U.S. buyers are once again stepping in aggressively after sitting on the sidelines through most of November.

Whales Dump 50,000 BTC Despite Growing U.S. Demand

While U.S. spot demand is improving, whale behavior tells an entirely different story.

According to data shared by analyst Ali Martinez, wallets holding 1,000–10,000 BTC offloaded more than 50,000 Bitcoin this past week alone, worth roughly $4.6 billion at current prices.

This is significant for two reasons:

1. This is the most aggressive whale distribution since early Q2.
2. Whale selling pressure has historically coincided with corrective phases or mid-cycle resets.

The chart shows a sharp drop in the 1,000–10,000 BTC cohort’s holdings while price declined, a textbook signal that large holders were selling into weakness, not accumulating the dip.

A Rare Market Split: Retail Buys the Fear, Whales Reduce Risk

The combination of whales selling and U.S. premium rising paints a nuanced picture.

• U.S. buyers appear increasingly confident that Bitcoin may be stabilizing after the 36% drawdown.
• Whales, however, are still reducing risk, possibly unwinding leveraged positions, rotating to other assets, or preparing liquidity ahead of December volatility.

This type of divergence often appears near inflection points, when market consensus is unclear and participants move in opposite directions based on different time horizons.

What This Means for Bitcoin in the Days Ahead

Short-term, whale selling introduces supply pressure that can cap immediate upside, especially if the cohort continues liquidating. But the return of U.S. demand is equally important—historically, sustained positive Coinbase Premium readings preceded every major rebound in the last two years.

If the premium continues to strengthen while sell pressure fades, Bitcoin may find the momentum needed to retest the $95K–$100K zone.

If whales continue offloading at the current pace, the market may see another retest of local lows before stabilizing.

Either way, this is a high-signal moment, and one of the clearest divergences heading into December trading.