Large holders increased Bitcoin deposits to major exchanges like Binance and Coinbase in November 2025 as prices fell, according to on-chain data from CryptoQuant. The surge in deposits by whales suggests heightened short-term market volatility and potential re-accumulation, impacting Bitcoin liquidity and increasing downside risks.
Whale entities increased their Bitcoin deposits to major exchanges like Binance and Coinbase as prices fell. This activity, confirmed by on-chain analytics, suggests strategic movement amid a market decline.
Large holders with over 1,000 BTC moved significant volumes to exchanges, particularly in November 2025. This involved key players like CryptoQuant, providing analytical insights.
“In November 2025’s crypto carnage, with the market down over $1T and Bitcoin dipping below $90K for the first time since spring, whales (>1,000 BTC) sent high volumes to exchanges, raising short-term downside risk, but with evidence of ongoing re-accumulation.” — Ki Young Ju, CEO, CryptoQuant
Immediate Effects
The market experienced rising volatility and increased short-term downside risk as Bitcoin prices dipped below $90K. Whale activity influenced overall sentiment and liquidity.
The financial implications were notable, with over $1 trillion wiped from the crypto market cap. The liquidity spike altered market dynamics, particularly affecting BTC valuations.
Historical Patterns
Historical data shows that whales often increase exchange deposits during price declines. This behavior is frequently linked to strategic re-accumulation rather than mass sell-offs.
Potential Financial Outcomes
Potential financial outcomes include continued volatility as whales strategically move assets. Data from CryptoQuant Quicktakes confirmed the influence of a small number of wallets, suggesting targeted actions impacting order books on major exchanges.