Bitcoin climbs back above $80K as whales stack 60,000 BTC

Bitcoin muscled back above $80,000, adding 3.5% in 24 hours as buyers showed up near a key long-term price gauge. The coin tapped its 200-day Exponential Moving Average twice during the latest pullback and drew fresh demand both times. Meanwhile, the biggest wallets were already busy shopping the dip.

Wallets holding between 1 and 100,000 BTC packed on roughly 60,000 coins across October, according to on-chain tracker Santiment — about $4.8 billion worth at $80,000 a piece. The heavy lifting came from mid-size whales holding 100 to 1,000 BTC, who added around 40,000 coins on their own, roughly two-thirds of the entire cohort's haul. That buying happened while Bitcoin was struggling to keep any upward momentum going.

The picture looks different on the fund side. US spot Bitcoin ETFs bled about $515 million in net outflows during October, per SoSoValue data, and the bleeding continued through the first two trading days of November. Wednesday finally snapped the streak with an inflow of $74.57 million.

Context matters here: the market is still working its way back from a sell-off sparked by a $6.3 billion security breach at Binance. Institutional sentiment remains soft, per the report, even as the chart starts to look better. The RSI has pushed above its signal line — an early hint that bearish momentum is losing its grip, though not yet proof of anything.

The next hurdle sits at $81,890, with a convincing break above $82,000 needed to make the recovery case stick. Miss that and sellers could drag Bitcoin back toward $79,000 support, with the 200-day EMA acting as another demand zone. Below that, $75,000 is the psychological line to watch — a sustained break under it would darken the recovery outlook.