Despite headline focus on national and corporate treasury strategies, the Bitcoin market's largest private holders are quietly heading for the exit.
Whales Dump Into the Dip as Exchange Inflows Hit Yearly Highs
27 November 2025 - 08:48 CET
By Stu Clelland
Data released on 27 Nov by onchain analytics firm CryptoQuant reveals a massive surge in Bitcoin transfers from wallets to exchanges, which indicates positioning to sell, and identifying "whales" as the primary force behind the recent drop below $80,000.
The distribution phase
The sell-off is structural, not emotional. On 21 Nov alone, exchanges recorded a net inflow of 9,000 BTC. Crucially, 45% of this volume came from deposits larger than 100 BTC. This indicates that high-net-worth entities are using the liquidity of the $80,000 level to de-risk.
The scale of the movement is stark. The average deposit size across all exchanges surged from 0.6 BTC to 1.23 BTC in November. On Binance, the epicenter of global crypto liquidity, the shift was even more aggressive, with average deposits jumping from 12 BTC to 37 BTC.
Ethereum follows suit
The exodus isn't limited to Bitcoin. Ethereum is seeing similar institutional pressure as prices test $2,900. Average daily deposits for ETH have hit 41.7 ETH, a three-year high.
The data suggests a divergence in the market: while new entrants like the Texas Treasury are "buying the dip," veteran whales are using those bids to distribute their bags.
