Bitcoin faces pressure after a whale dumps 13,004 BTC and Treasury expansion cycles hint at ongoing liquidity shifts.
Bitcoin faced new turbulence this week as market watchers observed major whale activity and shifting liquidity patterns linked to the US Treasury. Bitcoin fell under renewed selling pressure, extending recent declines and drawing attention to broader economic and digital asset trends.
Controlled Treasury Expansion and Market Cycles
Market analyst MartyParty shared insights suggesting that the US Treasury may be conducting a controlled expansion through T-bills, stablecoins, and Bitcoin.
According to his post on November 3, three cycles of expansion and consolidation have been seen since January 2024. He noted that these phases appear to follow a pattern of liquidity expansion, profit-taking, and renewed accumulation.
#Bitcoin High Timeframe – Nov 3rd
IMO: The US Treasury is doing controlled expansion of TBill->Stable Coin->Bitcoin – 3 cycles since Jan 1 2024 – expansion followed by consolidation on long term profit taking. Cycle will continue. Stephen Miran playbook pic.twitter.com/ydw5dp2YyO
— MartyParty (@martypartymusic) November 4, 2025
The observation has gained traction among traders who monitor macroeconomic factors tied to digital assets.
Bitcoin’s long-term price behavior has often reflected shifts in liquidity across traditional and digital markets. The suggestion that Treasury activity might indirectly influence Bitcoin’s movement has created debate in trading communities.
Many are watching how the next cycle unfolds, especially amid growing institutional participation in stablecoin-related instruments.
Whale Activity and Large Bitcoin Transfers
On-chain analytics firm CryptoQuant reported that a long-standing Bitcoin holder, often referred to as an original or early investor, has resumed large transfers.
The entity reportedly sold 13,004 BTC during October, with about 1,200 BTC sent to Kraken over the past weekend. The total value of the transfer was estimated at around 132 million dollars.
Whale Moves: Bitcoin OG is Back in Action
This entity offloaded 13,004 BTC in October, including ~1,200 BTC (~$132M) to Kraken over the last weekend.
This entity is known for its short position in Hyperliquid and currently has a significant impact on the market. pic.twitter.com/uSCBkavqLd
— CryptoQuant.com (@cryptoquant_com) November 3, 2025
This entity is also known for maintaining a short position on the Hyperliquid exchange. Market observers have noted that the activity coincided with increased volatility and declining prices across major trading pairs.
Such large transfers often raise caution among traders, as they can influence short-term liquidity and market sentiment. Analysts continue to monitor blockchain data to determine if more sales from older wallets could follow in the coming weeks.
Bitcoin and Ether Slide Amid Dollar Strength
Bitcoin dropped by as much as 2.5% recently reaching around $104,179, its lowest level in more than two weeks. The decline followed a stronger US dollar and persistent challenges within the decentralized finance sector.
A rising dollar tends to pressure alternative assets like cryptocurrencies, as investors move toward safer holdings during uncertain periods.
Ether also experienced a sharp pullback, losing 3.4% and falling below the $3,500 level. This move marked a retreat from previous gains seen earlier in the quarter. Market analysts observed that both assets have struggled to maintain momentum, as risk appetite remains limited amid shifting macroeconomic conditions.
Throughout October and early November, investors have adopted a cautious stance due to fluctuations in global liquidity and currency strength.
The ongoing adjustments in DeFi protocols and funding mechanisms have further affected confidence in decentralized markets. Observers expect the crypto market to remain sensitive to macroeconomic developments and regulatory discussions in the United States.
As the digital asset market adapts to these pressures, attention now turns to whether Bitcoin’s current phase of consolidation will persist. With treasury liquidity movements, whale activity, and external economic shifts, traders anticipate that volatility could continue into the next quarter.
