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Sunday Nov 9 2025 20:40
2 min
According to analyst Jordi Visser, significant selling pressure is being exerted on crypto markets by large-scale investors (whales) and long-term holders, contributing to suppressed crypto prices. Visser suggests this mirrors the market dynamics observed following the stock market crash of the 2000s dot-com bubble.
Visser notes that the current price action in the crypto market is reminiscent of the period after the dot-com collapse, which saw stock prices plummet by as much as 80%, followed by a 16-year consolidation period before regaining previous highs. He explains that venture capitalists who invested in tech during the crash were compelled to hold investments due to mandated lock-up periods, and subsequently sold into the market at the earliest opportunity.
Visser elaborates: "Many stocks were trading below their IPO prices. We have a similar situation going on right now. VC and insider investors, desperate for liquidity or redemption, sold into every rally. That's what's happened to me for Solana, Ethereum, for every altcoin, and for Bitcoin.""
Visser clarifies that a 16-year rebound is unlikely for crypto prices, but he uses the dot-com aftermath to illustrate the prevailing sell-side pressure dynamics. He posits that crypto is nearing the end of its consolidation phase, estimating a maximum of one year remaining.
This analysis surfaces amidst concerns that a crypto and Bitcoin (BTC) bear market commenced in October, prompting revisions to bullish price predictions from numerous analysts and investment firms.
Some analysts suggest that Bitcoin's price may be bottoming out around the $100,000 level, while others fear a potential decline to $92,000 if selling pressure persists.
Typically, whales and long-term holders cash in at all-time highs, and whale selling is not inherently problematic, according to CryptoQuant analyst Julio Moreno.
Sell-side pressure from whales and long-term holders only negatively impacts asset prices when new demand fails to absorb the BTC supply being released into the markets.
Moreno states: "Since October, long-term holder selling has increased; nothing new here, but demand is contracting, unable to absorb long-term holder supply at a higher price."
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