Bitcoin's Big Turn: Whales Shift From Exchange Selling to Accumulation
On-chain metrics for November 2025 indicate a notable reversal after October's heavy selling: exchange reserves for BTC have continued to decline while large wallets and known institutional addresses have increased balances. Researchers and chain trackers report consistent outflows from centralized exchanges and a rise in long-term clustering among whale addresses, implying accumulation rather than short-term distribution. Over-the-counter and custody flows also hint that some institutional players are quietly re-entering the market.
The shift matters because lower exchange supply typically reduces immediate liquidity for sellers and can create a foundation for price stabilization or a renewed rally if demand persists. That said, accumulation by whales and institutions does not guarantee instant upside—macroeconomic factors, liquidation events, and regulatory news can still move BTC sharply. For now, the balance of on-chain signals points to reduced selling pressure and a more constructive structural picture for BTC into the coming weeks.