A new wave of selling by large Bitcoin holders is weighing on an already fragile market, as traders face one of the steepest corrections of the year. Weak prices, increased inflows on exchange platforms and a cautious attitude in major markets indicate an environment that is still struggling to regain balance. According to CryptoQuant analysts, continued whale deposits could accentuate the decline if the trend continues.
In brief
- Around 9,000 BTC were transferred by whales in one day, adding to the selling pressure as Bitcoin hit a seven-month low of $80,600.
- Stablecoin reserves on Binance reach a record $51 billion, a sign of widespread defensive positioning.
- Analysts estimate that leverage could keep the Bitcoin price between $70,000 and $80,000 before any recovery.
- Sentiment remains weak, with extreme fear and significant supply rotation underway.
Whales account for 45% of BTC inflows as stablecoin reserves reach record highs
Whale activity intensified on November 21: CryptoQuant noted approximately 9,000 BTC sent to exchanges in a single day. Simultaneously, Bitcoin fell to $80,600 on Coinbase, its lowest level in seven months, illustrating the growing stress among holders of large positions. Entries on exchanges are often interpreted as a sell signal, which explains the attention paid to this movement.
Nearly 45% of all BTC transferred to exchanges came from transactions of 100 BTC or more, according to CryptoQuant. This indicates that whales continue to reduce their positions as the correction continues. The average BTC deposit reached 1.23 BTC in November, its highest level in a year, reflecting an increase in large transactions.
Stablecoins add another dimension to the picture: reserves on Binance hit a record $51 billion this week. This shows that many traders are parking their funds in dollar-pegged assets while waiting for a clearer market. Combined inflows of BTC and Ether across major platforms totaled $40 billion, with Binance and Coinbase accounting for the bulk of the flow.
The increase in stablecoin reserves generally accompanies a phase of caution: capital leaves volatile assets for more neutral positions, where it remains until new opportunities emerge.
Experts warn: Leverage could lead to shift to $70K–80K
Analysts remain divided on Bitcoin's trajectory. At the start of the week, James Check highlighted the leverage still present in derivatives markets, estimating that a brief move into the $70,000–80,000 zone remained plausible if the excess risk had to be purged. Tom Lee, president of BitMine, also revised his tone: according to him, a return to the all-time high by the end of the year is now “perhaps” possible.
Ether and several other altcoins are evolving in the same dynamics as Bitcoin. Ether deposits have increased, although the trend remains less pronounced. Altcoin inflows are increasing throughout the month as sales increase, bringing many assets back to levels seen during bear markets.
Analysts at 10x Research believe that bitcoin remains in a tactical oversold phase. They identify the next major resistance zones at $92,000 and then $101,000, considered crucial thresholds by market participants.
A fragile recovery: extreme fear, reduced liquidity and increased supply turnover
Bitcoin briefly climbed back to $91,000 on Thursday and was holding slightly above it at the time of writing. However, sentiment remains very weak: the Fear & Greed index shows 22.
Several factors fuel this nervousness:
- a continued increase in entries on the platforms, a sign of an increased desire to sell;
- exceptionally high stablecoin reserves;
- reduced liquidity during sudden movements;
- a still significant leverage effect, which amplifies volatility;
- widespread risk aversion in global markets.
Since October 2025, bitcoin has lost 36% and is trading around short-term support near $80,500. More than 8% of the circulating supply changed hands in a week, a rare phenomenon.
According to analysts, this configuration suggests a notable redistribution between long-term holders, short-term traders and buyers looking to take advantage of dips. K33 researchers believe the depth of the correction could create a relative opportunity for investors able to ignore immediate volatility.
Projections for 2026 remain wide ranging, ranging from $90,000 to $200,000, depending on the evolution of ETF flows, institutional demand and overall adoption trends.
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