Bitcoin Breaks $90K but Exchange Data Shows Rising Selling Pressure

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Bitcoin has galloped past $90,000, and Ethereum is flirting with $3,000. But hold your applause, because on-chain data paints a different picture, revealing a market split between the siren call of selling pressure and the stubborn outflows that refuse to die.

Exchanges have been seeing large deposits of Bitcoin, now accounting for 45% of all inflows. A record 7,000 BTC flowed in on November 21, according to CryptoQuant. But don’t get too excited just yet, because there was also a jaw-dropping withdrawal of 1.8 million BTC overnight. It seems someone is preparing for something big. Binance’s stablecoin reserves have hit a hefty $51.1 billion, as if traders are hoarding ammunition for the next battle.

Price Recovery Hides Complex Exchange Activity

Bitcoin’s price sits comfortably at $90,418, a modest 3.12% gain in the last 24 hours. It peaked at $126,080 on October 6, 2025, but now it’s 30% below that high-so much for “steady gains.” Ethereum, meanwhile, shows similar volatility, holding at $3,023.74 with a 1.74% increase, still a far cry from its $4,946.05 glory in August 2025.

The price recovery comes after Bitcoin took a slight dive to $80,000 last week, prompting market reactions loud enough to make you wish you were on the sidelines. Trading volumes are staggering: Bitcoin’s 24-hour volume has surged to $69.56 billion, with Ethereum raking in $21.27 billion.

But, as usual, price alone doesn’t tell the whole story. The on-chain data gives us a peek into the messy reality behind the scenes. A market full of contradictions, with bulls and bears both making moves that don’t quite line up with price trends.

Rising Exchange Inflows Indicate Selling Pressure

Now for the bad news: exchange inflows are increasing, a sign that Bitcoin bulls might need to brace themselves. According to CryptoQuant, Bitcoin deposits to exchanges have been climbing since November 24, reaching levels not seen since the end of October. The 30-day moving average of large deposits points to a consistent selling pressure. Deposits of 100 BTC or more now represent 45% of exchange inflows, suggesting that whales are getting ready to make a big move-probably not the kind of move that will benefit the price.

This uptick in large deposits corresponds directly to Bitcoin’s recent drop, and history suggests it could signal more pain ahead. Past trends show that big depositors often drop coins on exchanges when they’re looking to cash out, triggering further price declines.

In total, BTC and ETH inflows reached $40 billion this week alone, with Binance and Coinbase leading the charge. Large deposits often signal that traders are preparing for a liquidity event or actively manipulating the market with trading strategies.

Bitcoin exchange inflows are rising as the price drops to ~87K, a seven-month low.

Large deposits (100+ BTC) now make up 45% of all inflows, hitting 7K BTC on Nov 21.

Large holders are increasingly sending BTC to exchanges, reinforcing the current downtrend.

– CryptoQuant.com (@cryptoquant_com) November 26, 2025

CryptoQuant’s analysts warn that this could be due to technical changes, such as new exchange wallets being added to tracking systems. But given the sustained upward trend, it’s likely that real market forces are at play. So, yeah, not just a technical glitch.

Massive Bitcoin Outflow Fuels Accumulation Theories

And then, just to add more drama to the mix, a massive 1.8 million BTC left exchanges overnight. At current prices, that’s about $162 billion in Bitcoin disappearing faster than your weekend plans. The sheer scale of this withdrawal has sparked wild speculation: is this institutional accumulation, or just some big players making strategic moves? Either way, it’s not a normal day at the office.

1.8 MILLION $BTC LEFT EXCHANGES OVERNIGHT

This is not normal

Someone knows something is coming

– Rekt Fencer (@rektfencer) November 26, 2025

With exchange reserves now sitting at around 1.83 million BTC-down significantly from previous levels-some are starting to whisper about bullish shifts ahead. Historically, drops in reserves tend to happen before the market turns in a positive direction, suggesting that those coins might be heading for long-term storage. Either that, or they’re being shuffled around for some reason we’re not privy to.

The magnitude of this outflow dwarfs typical daily transactions, signaling potential coordination among major market players. Still, experts caution that not all of this movement is related to bullish moves; some of it could simply be the result of technical changes or strategic portfolio rebalancing.

Record Stablecoin Reserves Show Market on Edge

And just when you thought things couldn’t get any more confusing, Binance’s stablecoin reserves have hit an all-time high of $51.1 billion. Traders seem to be preparing for something-whether it’s a buying opportunity or a hedge against more price swings. Either way, it looks like they’re sitting on the sidelines, just waiting for the next wave of chaos to break.

The growing pile of stablecoins comes amid a market correction and wild swings in trading volume. Spot trading volumes peaked near $120 billion, then found some semblance of stability. Binance and Coinbase continue to dominate the action, both in spot and derivatives trading.

Ethereum is moving right along with Bitcoin during all of this, facing the same ups and downs in deposits and trading. Like Bitcoin, it’s caught in a market of mixed signals: the potential for selling pressure and continued market engagement.

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2025-11-27 03:29