Analysis: The Super Whale's losses in this retracement were significantly lower than before, with key holdings still being held firmly.

On November 16th, on-chain analyst Murphy stated that against the backdrop of deteriorating market sentiment, the super whale group that truly holds a huge amount of chips remains relatively calm. On-chain data shows that large wallets holding 1000 to 10000 BTC have realized a loss of only $80 million (7D-SMA), a scale significantly lower than that seen during the two key pullback periods in August 2024 and March 2025. The larger whale group is in a similar position. Super whales holding 10,000 to 100,000 BTC have realized a loss of about $40 million (7D-SMA) in this drop, also significantly lower than the loss scale from the previous two periods. In terms of psychological expectations, risk tolerance, and position management, the main force in this round appears more mature and stable, and these core chips are still being firmly held. Looking at the chip structure, the BTC price is still within the range of a large chip stack zone at $92,000 to $117,000. The majority of high-level trapped chips are located at $112,000, which has decreased by only 11,000 compared to last week. It can be inferred that most of the chips have been picked up by long-term funds and are not sensitive to short-term price fluctuations. The largest reduction in chips is near $100,000, which has decreased by 102,000 BTC compared to last week and is currently holding 363,000 BTC. The most severe short-term chip pressure is concentrated here. The current price of $96,000 has increased by 160,000 compared to last week, and the vast majority comes from chip sales at the $100,000 position.