Bitcoin confronts renewed selling pressure as major holders transfer substantial amounts to exchanges. Analysts caution that such a practice might drive prices down in the next few days. According to CryptoQuant, the highest inflows of exchanges were 9,000 BTC on November 21. On Coinbase, the cryptocurrency fell to $80,600 on the same day. This marked a seven-month low for the digital asset. Rising exchange deposits typically signal preparation for sales. When investors want to sell their holdings, they need to transfer coins to trading platforms. The converse trend implies accumulation. Statistics show that 45% of the total BTC sent to exchanges originated in large deposits. Transfers of 100 BTC or more reached 7,000 BTC in a single day. The large holders are selling in response to such movements. Large Deposits Drive Market Dynamics The whale cohort has been very active in terms of sales during the present drawdown. Values of average deposits increased to 1.23 BTC in November. This is the highest it has been in 12 months. This week, Binance stablecoin reserves increased to $51 billion. The figure represents an all-time high for the exchange. BTC and Ether inflows reached $40 billion across major platforms. High stablecoin reserves indicate a rotation out of cryptocurrencies. In the event of uncertainty, capital generally flows to dollar-pegged assets. Investors deposit funds in stablecoins until market conditions improve. Leverage Remains in System Analyst James Check identified the remaining leverage that needs to be cleared. Markets may see a move into the $70,000-$80,000 range. This would eliminate final pockets of excessive positioning. BitMine chairman Tom Lee adjusted his price target expectations. He had previously forecasted that Bitcoin would reach $250,000. Lee now considers even an all-time high by year's end uncertain. The selling pattern extends beyond Bitcoin alone. Ether experienced similar deposit increases to exchanges. Total inflows remained modest compared to the volumes of Bitcoin. Bitcoin reclaimed the $90,000 level after recent weakness. At the time of writing, Bitcoin is trading at $91,251, suggesting a 3.9% increase in the last 24 hours. BTC price chart, Source: CoinMarketCap
