A fresh wave of Bitcoin anxiety hit the market today after on-chain trackers flagged massive wallet movements from Strategy. The firm transferred 43,415 BTC, worth $4.26 billion, to more than 100 addresses starting from 00:00 UTC.

Social media immediately ignited with speculation of a liquidation event. But that narrative didn’t last long.

Arkham Intelligence stepped in fast, clarifying that the transactions were routine custodian rotations, not sales.

ON TODAY’S STRATEGY BITCOIN MOVEMENTS

Since 00:00 UTC today, Strategy moved 43,415 BTC worth $4.26B to over 100 different addresses.

Over the past two weeks, Strategy has been making transfers from Coinbase Custody (their existing custodian) to a new custodian. We believe… pic.twitter.com/RY9mcT8MDv

— Arkham (@arkham) November 14, 2025

Michael Saylor himself confirmed the same on X:

“There is no truth to this rumor.”

Still, the timing of the transfers couldn’t have come at a worse moment, Bitcoin is already sliding below six figures, volatility is surging, and option-market pressure is intensifying.

Why Strategy Moved Over $4B in BTC Today

Arkham’s explanation aligns with Strategy’s historical patterns. For two weeks, the firm has been transitioning assets away from Coinbase Custody, its long-time custodian, to a new provider.

We are ₿uying.pic.twitter.com/6g11E9G6pO

— Michael Saylor (@saylor) November 14, 2025

Today’s transfers are believed to include:

Outflows from Coinbase to the new custodian
Internal wallet restructuring by the new custodian
Coinbase’s periodic internal wallet refreshes

None of these movements represent selling activity, and Arkham emphasized that wallet movements ≠ asset liquidation.

Anyone watching Strategy’s entity tags would have seen:

1. Similar transfers last week

2. Re-labeled addresses

3. Fresh custodian wallet assignments

4. Zero evidence of BTC hitting exchanges for sale

This is standard operational rotation, but the market, already tense, reacted aggressively.

Saylor Doubles Down: “We’re Buying. A Lot.”

Saylor addressed the rumors again on CNBC, directly confronting the panic.

“We’re buying. A lot. Monday’s update will surprise people.”

The comment adds fuel to widespread speculation that Strategy may soon announce one of the largest BTC acquisition updates in months.

The timing aligns with the firm’s typical quarterly treasury behavior, accumulate during high volatility phases and expand their long-term holdings when market fear peaks.

Today’s fear is well-timed.

41,000 BTC and 228,000 ETH Options Expire, Market Reacts

The calm surrounding Strategy’s custody rotations did little to soothe broader market pressures.

Today delivered one of the heaviest options expiration events of the quarter.

Bitcoin Options Expiry

 41,000 BTC contracts expired
 Put–call ratio: 0.61
 Max pain: $105,000
 Notional value: $3.95B
 Ethereum Options Expiry
 228,000 ETH contracts expired
 Put–call ratio: 0.59
 Max pain: $3,475
 Notional value: $730M

The numbers paint a clear picture: the market is leaning toward protection, not speculation. Puts are gaining momentum. Volatility is rising. And traders are bracing for more downside.

Bitcoin Breaks Below $100K Again

Both Bitcoin and Ethereum continue their downward slide.

BTC has dropped below $100,000, breaking the psychological threshold for the second time this month. The price shows no immediate rebound signals, and bearish sentiment is tightening its grip.

ETH isn’t faring better, the asset has now recorded three consecutive monthly losses, a pattern that hasn’t occurred since early-cycle correction years.

Market mood is shifting from cautious to pessimistic.
Liquidity is thinning.
Fear is spreading.

Volatility Surges: IV Spikes Across BTC and ETH

Analysts at Greeks.Live report a sharp rebound in implied volatility (IV) across major expiries. The market is preparing for big swings, likely downward.

 BTC IV Levels
 Near-term IV: approaching 50%
 Average IV: ~45%

This marks one of the sharpest IV jumps since late Q3.

 ETH IV Levels
 Major expiries: 70%+
 Short-term IV: near 100%

Ethereum’s volatility expectations are now twice that of Bitcoin, signaling severe uncertainty ahead of the weekend.

【November 14 Options Expiration Data】
41,000 BTC options contracts expired, with a Put-Call Ratio of 0.61, maximum pain point at $105,000, and notional value of $3.95 billion.
228,000 ETH options expired with a Put-Call Ratio of 0.59, maximum pain point at $3,475, and notional… pic.twitter.com/cCaZUEc5cs

— Greeks.live (@GreeksLive) November 14, 2025

Put Volume Is Rising, and Risk Aversion Is Now the Norm

Bitcoin put-option volume has climbed steadily throughout October and November.

What used to be an unusual spike, elevated put buying, has now become a baseline market behavior.

Puts now make up 30% of all BTC options trading, a figure Greeks.Live calls “the new normal.”

The message is straightforward:

Risk aversion is dominating.
Traders aren’t betting on upside.
They’re insulating themselves from further downside.

Q4 is shaping up to be one of the worst performing quarters on record, driven by macro pressure, declining liquidity, and speculative cooling.

Leveraged trading? analysts warn against it

Given the mix of:

 Rising volatility
 Increasing put ratios
 Heavy BTC/ETH expiries
 A weakening BTC price floor
 Growing macroeconomic strain
Analysts are urging caution.

Greeks.Live summarized the market in one line:

“Sentiment is deeply divided. Leveraged trading is inadvisable.”

Retail traders are getting whipsawed by sudden long squeezes.

Whales are staying hedged and patient.

And institutional flows remain sideways.

Custodian Rotations Shouldn’t Overshadow The Real Story

While today’s $4.26B Strategy movements triggered temporary panic, the real story remains the broader market structure:

 High volatility
 Heavy expiries
 Macro pressure
 Weak spot demand
 Rising put-option dominance
 Sub-$100K BTC weakness

Strategy’s decision to rotate custodians is routine, they’ve done it dozens of times.

But the timing amplified community stress as Bitcoin struggles to maintain psychological support levels.

Still, Saylor’s messaging is direct: nothing was sold, and the firm is preparing to buy aggressively.

If Bitcoin stays in the mid-$90Ks, Strategy may use this volatility to expand its already massive BTC position.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ November 15, 2025 5:19 am