Key Takeaways
How Much Bitcoin Left Exchanges During the Recent Correction?
About 100,000 to 120,000 BTC were withdrawn from exchanges in October-November 2025, marking one of the largest waves of outflows.
How far has Bitcoin fallen from its peak?
Bitcoin is currently trading at $93,248, which represents a 27% decline from its peak of around $127,500 in October, with November’s price action showing continued bearish momentum.
Bitcoin holders appear to be shifting from aggressive selling to accumulation behavior as distribution pressure across key cohorts diminishes.
On-chain data shows massive currency outflows coinciding with Bitcoin’s steep correction, suggesting strong hands are moving coins to cold storage rather than capitulating.
Cohorts of Bitcoin holders are turning to accumulation
Glassnode’s Cohort Trend Accumulation Score reveals a dramatic behavioral change among Bitcoin holders in November.
The heatmap diagram shows several cohorts transitioning from deep red [distribution] to blue tones [accumulation] the past few weeks.
Source: Glassnode
The <1 BTC cohort showed persistent red throughout October, indicating consistent selling by smaller holders. However, data from November shows that this group is shifting towards neutral and even blue accumulation zones.
Similarly, the 1-10 BTC cohort experienced heavy distribution during Bitcoin’s rally but is now exhibiting accumulation behavior.
Medium holders in the 10-100 BTC and 100-1K BTC ranges followed similar patterns. These wallets sold aggressively as Bitcoin approached $120,000 in August and October, but have since reduced distribution intensity.
The latest measurements show that accumulation scores are improving over most time frames.
A mass exodus from exchanges indicates accumulation
Glassnode data shows that approximately 100,000 to 120,000 BTC left exchanges in October and November 2025.
The pullback wave, shown by deep red bars on the net position change chart, matches the size of the December 2024 outflow and represents the largest restraint move in the recent history of the data set.
Source: Glassnode
The pattern is in stark contrast to the earlier periods of 2024. During Bitcoin’s rally from around $70,000 to well over $100,000 through mid-2024, green bars dominated the chart, indicating that coins were flowing to exchanges to be sold.
The current reversal to persistent red bars suggests that distribution by profit takers has largely exhausted itself.
The timing proves remarkable because the outflows are accelerating right during Bitcoin’s 27% price decline, indicating accumulation during weakness rather than panic selling.
Price correction creates opportunities
Bitcoin’s daily chart illustrates the severity of the recent sell-off. The price action peaked near $127,500 in late October before entering a sustained decline in November.
Sharp red candles dominated the period, pushing Bitcoin through support levels at $110,000, $105,000 and recently testing $100,000.
The 27% correction from the peak level to the current level, at $93,248, represents a significant repricing.
Source: TradingView
However, the combination of moderating distribution pressure across cohorts of equity holders and massive foreign exchange outflows suggests that sales exhaustion is approaching.
Market participants are keeping an eye on whether this shift marks a low point in the cycle, or just a pause before further decline.