Bitcoin Whales React to Market Shock With Aggressive Exchange Transfers

Whales increase exchange inflows during the Bitcoin price drop, even as some large wallets resume strong accumulation.

Bitcoin’s sharp slide below $60,000 rattled sentiment across the digital asset market. Large holders, often seen as steady hands, reacted quickly to price stress. Exchange data shows a clear rise in transfers during recent volatility. Activity suggests part of the whale cohort is actively adjusting exposure rather than sitting tight.

Exchange Inflows Spike as Bitcoin Whales React to Sharp Decline

As Bitcoin fell from the mid-$90,000 range to between $60,000 and $70,000, large holders increased their transfers to Binance. Notably, the platform is used for large transactions because it can process high volumes.

During the decline, data indicate that deposits from these large holders continued to rise. The steady increase over several weeks indicates that it was not a single large transfer but a sustained trend.

As prices fell, large holders began sending more Bitcoin to exchanges. Monthly inflows increased sharply during that period. Daily transfers also rose, moving from about 1,000 BTC to nearly 3,000 BTC on average.

On February 6, about 12,000 BTC were transferred to Binance. Since February 1, approximately seven trading days have recorded daily inflows exceeding 5,000 BTC. These repeated large transfers show that activity has been intense and concentrated over a short time.

Historically, large spikes in exchange deposits have happened during market tops and sharp crashes. When more Bitcoin is sent to exchanges, it may indicate that holders are preparing to sell.

Because whales control large amounts, their actions can affect short-term price moves. More inflows during price weakness can increase the chance of further price swings.

Whales are not always calm long-term holders. Some react quickly when prices move sharply. Recent activity suggests that part of this group is actively adjusting positions instead of simply holding through the swings.

Whales Resume Buying After Weeks of Selling Pressure

At the same time, blockchain data indicate that some large holders have resumed buying. According to Glassnode, wallets with more than 1,000 BTC added about 53,000 coins in the past week. At current prices, those coins are worth over $4 billion.

This activity marks the strongest weekly buying by large holders since November. It followed several weeks of selling that drove Bitcoin about 40% below its October peak. Recent buying helped slow the decline, but many other market participants are still careful and waiting.

Bitcoin reached a record high in October, then slid to around $60,000 last week before recovering to $70,000. At press time, the OG coin trades at $67,462, posting a modest intraday gain.

Market structure now shows tension between rising exchange inflows and selective whale accumulation. Some large holders appear to be reducing risk by transferring assets to exchanges. Others are adding exposure at lower levels. 

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