Bitcoin has recently surpassed the $90,000 mark, while Ethereum is trading above $3,000. Despite these price gains, mixed on-chain data indicates a split within the market, characterized by both selling pressure and notable outflows. According to data from CryptoQuant, large deposits to exchanges have surged, constituting 45% of all Bitcoin inflows with a striking 7,000 BTC recorded on November 21. Meanwhile, a monumental withdrawal of 1.8 million BTC from exchanges overnight has sparked speculation about potential institutional moves. In addition, Binance’s stablecoin reserves have reached an unprecedented $51.1 billion, suggesting that traders are bracing for increased market volatility.
Currently, Bitcoin is trading at $90,418, reflecting a 3.12% increase in the last 24 hours. This follows a significant peak of $126,080 on October 6, 2025, positioning the currency approximately 30% below its all-time high. Ethereum mirrors a similar trajectory, now priced at $3,023.74 with a 1.74% daily increment after having peaked at $4,946.05 in August 2025. The recent price recovery comes after Bitcoin experienced a temporary dip to $80,000 last week, triggering strong market reactions. Trading volumes reflect this volatility, with Bitcoin’s 24-hour volume hitting $69.56 billion and Ethereum’s reaching $21.27 billion.
However, purely price metrics do not convey the complete market narrative. On-chain data reveals a complex environment where differing market participants are exhibiting contrasting moves—showcased by the division between price direction and exchange flows.
The increase in exchange inflows raises alarms for Bitcoin proponents. According to CryptoQuant, large Bitcoin deposits to exchanges have steadily escalated since November 24, nearing levels last seen in late October. The 30-day moving average highlights sustained selling pressure, with deposits of 100 BTC or more comprising 45% of exchange inflows. This suggests that large holders, often referred to as “whales,” might be preparing for major portfolio adjustments or liquidations.
Furthermore, the surge in Bitcoin exchange inflows corresponds with a recent price decline, indicating potential future price pressures as major holders shift strategies. Over the past week, Bitcoin and Ethereum inflows combined have reached a staggering $40 billion, with Binance and Coinbase leading the charge. Typically, increased deposits signal forthcoming liquidity events or active trading strategies.
In stark contrast to the rising inflows, a staggering 1.8 million BTC withdrawal caught many by surprise. Valued at approximately $162 billion at current prices, this massive outflow has fueled theories of institutional accumulation and strategic portfolio adjustments. Exchange reserves have decreased to about 1.83 million BTC, a sharp decline from prior levels. Historically, diminishing reserves accompany bullish market shifts, often indicating that coins are being transferred to long-term storage.
This extraordinary withdrawal has surpassed typical daily activity, hinting at possible coordination among substantial market participants. However, experts caution that some of this movement may stem from technical changes or treasury reallocations.
Compounding the uncertainty in the market, Binance’s stablecoin reserves have reached a record high of $51.1 billion. This accumulation indicates that traders may be positioning themselves for potential buying opportunities or hedging against further price fluctuations. The surge in stablecoin reserves coincides with a market correction characterized by wild trading volume swings. Spot trading volumes peaked near $120 billion before stabilizing, with Binance and Coinbase dominating both spot and derivatives activities.
Ethereum, like Bitcoin, has seen increased deposits and active trading during this turbulent period, reflecting both potential sell-offs and sustained market engagement. As the situation evolves, market observers continue to monitor these dynamics closely, aware that significant changes may lie ahead.
