BTC continues to flow to exchanges, with coins moving to the most liquid exchanges. The shifts signal a readiness to take profits or restructure portfolios, as BTC is once again seeking direction.
BTC flows to exchanges remained elevated in November, with a total of 580,000 BTC flowing to centralized markets. Compared to last year’s period, exchange flows are smaller. However, the recent shift to spot trading and exchange deposits arrives as BTC has made several dips below $90,000.
Binance still leads in deposit volumes, with 163,800 BTC moving in. Coinbase absorbed 130,000 BTC.
As the recent balance on exchanges shifted, BTC traded just below $92,000. The recent dips as low as $88,000 were once again linked to liquidating long positions, rather than signs of selling pressure or capitulation.
Binance switched to BTC inflows in November
On Binance, BTC started flowing back to the exchange since the end of October, after a boost for spot trading. The inflows coincided with BTC price weakness, as the leading coin lost its previous positions above $110,000.
Smaller markets like Bybit and OKX did not see a spike in BTC deposits. Some of the reasons may include coin movements from US-based investors, who are the most active in Q4. Additionally, the Coinbase flows are linked to institutional platforms, absorbing some of the recent ETF selling.
Binance has also originated the most significant sales during BTC downturns, often deepening the slide and causing a wave of liquidations. The exchange absorbs BTC both during bullish periods for profit-taking, and for active trading.
Binance also carries a record supply of stablecoins, offering significant exit liquidity. Some of the BTC deposited may also be held as collateral to open derivative positions.
BTC is moving on-chain
BTC started shifting on-chain since September, increasing the Coin Days Destroyed metric. The moving supply accelerated in the past two months, coinciding with a period of more volatile trading.
Some of the reasons may include ETF turnover, exchange arbitrage, or posting collaterals. The on-chain movements also coincided with the rise of perpetual futures DEXs, which also require collaterals.
The increased inflow of coins does not coincide with an increase in active addresses. The deposits originate from a relatively small number of wallets. The recent activity is usually connected to whales, especially new wallets making strategic moves.
BTC orders also reflected the increasing influence of whales. Since the beginning of October, BTC order sizes have increased, signaling ongoing whale activity. The shift arrived after a period of neutral or retail-based buying in October.
The recent whale activity also gives hopes of re-accumulation and restructuring, before continuing with another BTC bull cycle. So far, even at an unfavorable cost basis, most BTC owners are not capitulating from their spot positions. The 2025 market also offers additional hedging opportunities, with peak open interest and volumes for options trading, and increased derivative trading activity.
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