A new trend is taking shape in the crypto market investors are pulling in large amounts of it Bitcoin and Ethereum from centralized exchanges. Data from on-chain analytics platform Sentora, formerly known as IntoTheBlock, shows that exchange rates for both leading cryptocurrencies have fallen significantly over the past week. Prices are holding steady without much bullish momentum, but these huge pullbacks could signal a subtle change in investor sentiment in November.
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Bitcoin and Ethereum are witnessing billions of outflows from exchanges
According to data from Sentora, Bitcoin recorded more than $2 billion in outflows from centralized exchanges over the course of the week. This is interesting because it is one of Bitcoin’s biggest weekly moves on the exchanges so far this quarter. Moreover, this trend is interesting because it is an unfavorable month behind us for the crypto industry in general, given the crash that occurred in the middle of the month.
The outflow numbers can be interpreted as a sign of confidence among whalers who prefer long-term storage over trading. On-chain data from the whale transaction tracker Lookonchain supports this trend, shows two newly created wallets that withdraw 2,000 BTC worth approximately $260 million from crypto exchange Binance by the end of the week.
Ethereum also witnessed a similar trend as Bitcoin. Data from Sentora shows that the leading altcoin saw large outflows during the week, totaling around $600 million.
Bitcoin and Ethereum weekly key statistics. Source: Sentora
What could this signal be for Bitcoin and Ethereum?
The massive outflow from currency markets is somewhat confusing considering that both Bitcoin and Ethereum closed October with a negative monthly close and broke through. long-running Uptober trend that has shaped the crypto market for years.
For six consecutive years, October was one of Bitcoin’s most reliably bullish months, paving the way for strong year-end rallies. That series has now come to an end with Bitcoin closing around 4% below its monthly open in October 2025, its first red October since 2018. Ethereum also followed a similar path, recording a more notable monthly close of around 7.15% below its open.
Data from Sentora, as shown above, points to reduced activity in these blockchains, suggesting that the required bullish activity may not be there yet. The total cost for the Bitcoin blockchain comes to $2.03 million, down 8.6% from the previous week. The Ethereum network also saw a 13.2% drop in fees, which stood at $5.05 million.
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Nevertheless, the outflow from the stock markets its a bullish place to start. It eases the selling pressure on the market, as fewer coins on exchanges mean fewer assets readily available for sale. This in turn can tighten the offer and gradually lay a foundation for higher prices in the run-up to November. Whale traders may already be positioning themselves for the possibility of a bullish November.
Featured image from Pexels, chart from TradingView