Bitcoin Whales Step Up Selling as Analysts Warn of Deeper Slide

Continued pressure from large Bitcoin holders could push the market lower, according to a recent report from CryptoQuant. The firm said BTC inflows to exchanges hit 9,000 BTC on Nov. 21, matching a period when the price dropped to $80,600 on Coinbase, the lowest point in seven months.

When inflows climb, it usually signals that traders are preparing to move coins onto platforms where selling can take place. Outflows, in contrast, tend to suggest long-term storage or reduced selling plans.

Bitcoin Whale activity rises sharply

CryptoQuant data shows that nearly half of the coins sent to exchanges came from deposits of 100 BTC or more. On some days, this group sent as much as 7,000 BTC, pointing to strong selling pressure from wallets known for large Bitcoin holdings. The group said this trend shows traders are still trimming positions during the current downturn.

The average size of a Bitcoin deposit in November reached 1.23 BTC, marking the highest monthly figure in a year. At the same time, Binance’s stablecoin reserves climbed to a record $51 billion, while inflows for BTC and Ether crossed $40 billion this week, driven mainly by Binance and Coinbase.

High stablecoin reserves often appear when traders move funds out of Bitcoin and other tokens and into dollar-linked assets. This money usually waits on the sidelines until conditions shift.

Earlier in the week, analyst James Check pointed to leftover leverage in the market. He said it would not be surprising to see a dip into the $70,000–$80,000 range to remove the last pockets of risk.

BitMine chair Tom Lee also adjusted his stance, saying his earlier call for Bitcoin to reach $250,000 is no longer realistic this year. He now says a return to the October record is only a “maybe.”

Ether and altcoins face similar pressure

CryptoQuant said Ether showed a similar pattern, though its inflows have not risen as sharply. Other altcoins saw increased exchange transfers this month as the broader sell-off dragged many of them back toward levels last seen in earlier downturns.

Research firm 10x Research said earlier this week that Bitcoin may still be in the middle of a short-term bounce after becoming heavily oversold. The group pointed to $92,000 and $101,000 as the next major barriers that traders are watching as the market works through ongoing volatility.

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