According to @CoinMarketCap, Glassnode analysts dispute claims that Bitcoin OGs and whales are panic-selling, stating that the data indicates typical late-cycle profit-taking seen in every bull market (source: @CoinMarketCap, Nov 14, 2025). This frames recent BTC distribution as routine profit realization rather than capitulation, a trading-relevant distinction for interpreting whale activity during bull-market pullbacks (source: @CoinMarketCap, Nov 14, 2025).