Bitcoin has surged past $90,000, and Ethereum is trading above $3,000. However, mixed on-chain data reveals a market split between selling pressure and substantial outflows.
Large deposits to exchanges now represent 45% of all Bitcoin inflows, reaching 7,000 BTC on November 21, according to CryptoQuant. At the same time, an unprecedented withdrawal of 1.8 million BTC from exchanges overnight has fueled speculation about institutional moves. Binance’s stablecoin reserves stand at a record $51.1 billion, suggesting traders are preparing for greater market volatility.
Bitcoin trades at $90,418, gaining 3.12% in the past 24 hours. It peaked at $126,080 on October 6, 2025, but is now 30% below its all-time high. Ethereum shows a similar pattern, trading at $3,023.74 with a 1.74% daily increase after reaching $4,946.05 in August 2025.
The price recovery follows a correction that took Bitcoin down to temporarily $80,000 last week, prompting strong reactions in the market. Trading volumes reveal this volatility: Bitcoin’s 24-hour volume hit $69.56 billion, and Ethereum’s reached $21.27 billion.
Yet, price alone does not tell the whole story. On-chain data highlights a complicated environment. Different types of market participants are making contrasting moves, as shown by the split between price direction and exchange flows.
Exchange inflow statistics raise concerns for Bitcoin bulls. CryptoQuant data reveals that large Bitcoin deposits to exchanges have climbed steadily since November 24, nearing levels last seen at the end of October. The 30-day moving average of large deposits points to sustained selling pressure.
Deposits of 100 BTC or more now account for 45% of exchange inflows, suggesting whales are preparing for major portfolio changes or liquidations.
This activity matches Bitcoin’s recent drop. Past patterns show that large deposits can lead to further price declines as major holders reduce their positions or shift strategies.
BTC and ETH inflows have totaled $40 billion this week, with Binance and Coinbase taking the lead. Increased deposits often indicate coming liquidity events or active trading strategies.
Analysts at CryptoQuant warn that these trends might reflect technical changes, such as the addition of new exchange wallets to tracking systems. Still, the overall upward trend points to real market forces at work, not just technical noise.
