Exchange data shows that over 9,000 BTC flowed into trading venues on Nov. 21, pushing prices down to $80,600 on Coinbase, the lowest level in seven months.

Large Deposits Suggest Selling Pressure

Around 45% of these inflows came in chunks of 100 BTC or more, with one-day transfers reaching 7,000 BTC. The average deposit size in November rose to 1.23 BTC, the largest monthly figure in a year. Analysts interpret this as more than routine rebalancing; it indicates significant selling intent as coins are moved onto exchanges to be liquidated.

Binance Stablecoins Hit Record Levels

Binance’s stablecoin holdings reached a record $51 billion, while BTC and ETH inflows to exchanges climbed to roughly $40 billion this week, led by Binance and Coinbase. Traders often use stablecoins as a temporary parking spot when waiting for favorable market conditions, signaling idle liquidity until buyers re-enter or sellers pause.

Analysts Expect Further Pullbacks

Some experts caution that the recent recovery may only be a short-term bounce, pointing to margin positions and potential tests of lower zones around $70,000–$80,000. Resistance levels during any rebound are noted at $92,000 and $101,000.

Despite Bitcoin briefly recovering above $90,000, it remains 28% below its October all-time high of $126,000. Meanwhile, Ether and other altcoins also saw increased inflows and renewed selling pressure, with several returning to bear-market lows.

Market Outlook

Liquidity is available but sitting in stablecoins, and major holders continue moving assets onto exchanges. For a meaningful rally, the market likely needs heavy buying demand or a catalyst to draw those stablecoins back into risk assets. Until then, analysts expect the market to remain in waiting mode, with the potential for a short-lived bounce or deeper dip as positions are cleared.