On November 21, Coinbase saw more than 9,000 bitcoins flow into its trading venue, the lowest in seven months, as the price fell to $80,600, according to exchange data.
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According to the report, approximately 45% of these deposits were deposited in chunks of 100 BTC or more, and on some days large transfers reached 7,000 BTC.
The average deposit amount rose to 1.23 BTC in November, the highest monthly figure in a year. These numbers indicate more than just rebalancing. They indicate that the coins will be moved to a location where they can be sold.
Binance stablecoin hit record
According to market reports, Binance’s stablecoin holdings have reached an all-time high of $51 billion. At the same time, BTC and Ether inflows to exchanges swelled to around $40 billion this week, with Binance and Coinbase leading the charge.
Traders often keep their funds in dollar-pegged tokens if they want to wait and see. This increase means cash is available, but it remains dormant until the seller backs out or the buyer reappears.
Inflows to Bitcoin exchanges are increasing, and the price has fallen to about 87,000 yen, the lowest in about seven months.
Currently, large deposits (100 BTC or more) account for 45% of total inflows, reaching 7,000 BTC on November 21st.
Large holders are increasingly transferring their Bitcoin to exchanges, reinforcing the current downward trend. pic.twitter.com/UpN4rAL0FH
— CryptoQuant.com (@cryptoquant_com) November 26, 2025
Analysts watch for further rebound
Some market observers have warned that the recent recovery is just a pause, with remaining margin positions raising alarms and suggesting a test of lower levels.
They said wicking in the $70,000 to $80,000 zone is one way to wipe out that last pocket of exposure.
10x Research identifies resistance levels at $92,000 and $101,000 as important ranges to watch in the event of a pullback.
For context, Bitcoin has rebounded above $90,000 and was trading slightly higher at the time of reporting, but is still down about 28% from its all-time high of $126,000 in October.
Although it is a short-term recovery, it is not a complete recovery.
Meanwhile, market trends in stocks and cryptocurrencies are showing mixed signals. The S&P 500 and Nasdaq rose as investors bet on the Federal Reserve cutting interest rates, supporting risk assets.
However, strategists report that the typically close relationship between Bitcoin and the Nasdaq has weakened, with Bitcoin falling even more sharply in recent weeks.
Ether and many altcoins also faced increased currency inflows, sending some tokens back to bear market lows as selling pressure expanded.
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What does this mean next?
Liquidity exists, but it is stored in stablecoins and large holders still move their assets to exchanges. A meaningful rally would likely require either significant buying demand or a clear catalyst to turn stablecoins back into risk assets.
For now, the market is in wait-and-see mode. While a short-term rally is possible, a deeper decline remains possible as positions are unwound and sellers complete their rotation.
Featured image from Unsplash, chart from TradingView
