Bitcoin traded at $64,853, down 1.16%, as large investors continued depositing coins to exchanges faster than withdrawing them, according to blockchain analytics firm Glassnode on November 15.
Whale Deposits Indicate Selling Pressure
Glassnode reported that Bitcoin whales are depositing approximately $55 million more per day than they withdraw. The trend has persisted for several weeks, with the firm's 30-day moving average of net whale flows to exchanges showing sustained positive readings.
Exchange deposits increase the amount of Bitcoin potentially available for trading. Sustained deposits from large holders could contribute to selling pressure if those whales continue reducing their holdings, though deposits do not necessarily represent completed sales.
Recent Trend Reversal
Glassnode's 30-day moving average showed a brief reversal to negative territory in October before turning positive again. Since then, deposits have largely exceeded withdrawals despite fluctuations in the daily average.
Historical data from January 2024 onward reveals extended periods of both whale deposits and withdrawals. Net deposits exceeded 3,000 BTC per day in August 2024, while net withdrawals surpassed 5,000 BTC per day in late 2024 as Bitcoin's price recovered.
Potential Signal of Distribution Phase End
According to Glassnode, a shift from net deposits to net withdrawals would indicate that Bitcoin whales are completing their distribution phase. Such a reversal would reduce the potential supply available for immediate selling, though it would not independently confirm a broader market recovery.
The 30-day moving average remains above zero, indicating that whale exchange deposits continue to outweigh withdrawals as Bitcoin trades below $65,000.
