Bitcoin has surged past $90,000, while Ethereum trades above $3,000. However, on-chain data reveals a divided market, with strong selling pressure coexisting alongside massive outflows from exchanges.
Key Highlights:
-
Rising exchange inflows: On November 21, large Bitcoin deposits accounted for 45% of total inflows, equivalent to 7,000 BTC, according to CryptoQuant.
-
Massive withdrawals: Approximately 1.8 million BTC were withdrawn in a single night, fueling speculation about institutional portfolio adjustments.
-
Record stablecoin reserves: Binance holds $51.1 billion in stablecoins, signaling traders are preparing for heightened market volatility.
Price recovery masks complex exchange activity
-
Bitcoin trades at $90,418, up 3.12% in the past 24 hours, after peaking at $126,080 on October 6, 2025. Ethereum also rose 1.74% to $3,023.74 following its August peak of $4,946.05.
-
Trading volumes remain high: Bitcoin’s 24-hour volume reached $69.56 billion, Ethereum $21.27 billion.
-
On-chain data shows different market participants taking opposing actions, meaning price alone doesn’t capture the full market picture.
Rising inflows indicate selling pressure
-
Large Bitcoin deposits (100 BTC or more) now make up 45% of total inflows, suggesting whales may be adjusting portfolios or liquidating positions.
-
BTC and ETH inflows this week totaled $40 billion, led by Binance and Coinbase.
-
CryptoQuant notes that while some trends could reflect technical factors, the overall pattern points to real selling pressure.
Massive outflows hint at accumulation
-
1.8 million BTC left exchanges in one night, equivalent to $162 billion, sparking speculation about long-term institutional accumulation.
-
Exchange reserves dropped to roughly 1.83 million BTC, historically a bullish signal.
-
The scale of outflows far exceeds normal daily activity, likely reflecting coordinated moves by major players.
Record stablecoin reserves signal market tension
-
Binance’s $51.1 billion stablecoin reserve indicates traders are positioning for buying opportunities or hedging against price swings.
-
Ethereum has mirrored Bitcoin’s movements, facing both increased inflows and active trading, reflecting ongoing market engagement alongside potential selling pressure.
