According to exchange data, inflows to trading platforms exceeded 9,000 Bitcoin on November 21, while prices on Coinbase fell to $80,600 – the weakest performance in seven months.
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Reports indicate that around 45% of those deposits came in chunks of 100 BTC or more, with large transfers reaching 7,000 BTC in a single day.
The average deposit size rose to 1.23 BTC in November, the highest monthly figure in a year. These numbers point to more than a coincidental rebalancing; they point out that coins are moved where they can be sold.
Binance Stablecoins reach record
According to market reports, Binance’s stablecoin holdings have risen to a record $51 billion. At the same time, BTC and Ether Inflows to exchanges rose to around $40 billion this week, with Binance and Coinbase leading the way.
Traders often park their money in dollar-pegged tokens if they want to wait on the sidelines. That build-up means that cash is available, but it sits idle until sellers step back or buyers come back.
Bitcoin exchange inflows rise as price drops to ~87K, a 7-month low.
Large deposits (100+ BTC) now make up 45% of all inflows, reaching 7K BTC on November 21.
Large holders are increasingly sending BTC to exchanges, reinforcing the current downward trend. pic.twitter.com/UpN4rAL0FH
— CryptoQuant.com (@cryptoquant_com) November 26, 2025
Analysts are looking at further decline
Some market watchers warn that the recent recovery could just be a pause, weakening remaining margin positions and suggesting a test at lower levels.
They said a wick in the $70,000-$80,000 zone would be a way to clear out the last areas of exposure.
10x Research puts the resistance levels at $92,000 and $101,000 as the key ranges to watch during a rebound.
For context, Bitcoin had climbed back above $90,000 and was trading slightly higher at the time of reporting, but it remains about 28% lower than the all-time high north of $126,000 reached in October.
Short-term recovery, not a full recovery
Meanwhile, market moves in stocks and crypto have shown mixed signals. The S&P 500 and Nasdaq posted gains as investors bet on the US Fed rate cutand that helped risky assets.
Yet reports from strategists show the usual close connection between Bitcoin and the Nasdaq has weakened, with Bitcoin’s decline steepening in recent weeks.
Ether and many altcoins also saw increased currency inflows, and several tokens returned to bear market lows as selling pressure increased.
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What this means next
Liquidity is there, but it is stored in stablecoins, and large holders are still moving their assets to exchanges. A meaningful rally will likely require strong buying demand, or a clear catalyst that pulls these stablecoins back into risky assets.
For now, the market is waiting: a short rally could continue, but a deeper dip remains possible as positions are cleared and sellers complete their rotations.
Featured image from Unsplash, chart from TradingView