Large Bitcoin holders are adding significant selling pressure to the market, with whale net deposits on cryptocurrency exchanges averaging $55 million per day in recent weeks, according to blockchain analytics provider Glassnode.
Whale exchange flows reinforce downward market dynamics
Glassnode reported that the volume of Bitcoin deposited by whales daily has exceeded withdrawals by a wide margin, as the 30-day moving average of net exchange flows has remained in positive territory. At the time of the latest data, Bitcoin traded at $64,853, reflecting a 1.16% daily decline.
The sustained net deposits reveal that large investors are transferring more Bitcoin onto trading platforms than they are removing. While sending coins to exchanges does not always result in immediate sales, it increases the pool of Bitcoin potentially available for trading activity and heightens the risk of increased supply-side pressure.
Whale sell-pressure has been building on exchanges for weeks. Whales deposit about $55 million of Bitcoin a day more than they withdraw. A turn back to net withdrawals would be the first sign that they are done distributing, according to Glassnode.
The current period of sustained net deposits contrasts with a brief episode in October, when whale exchange flows turned negative, indicating a temporary preference for self-custody over trading exposure.
Recent on-chain history points to changing whale behavior
Glassnode’s data shows several swings in whale exchange activity since early 2024. Notably, net deposits peaked beyond 3,000 BTC per day in August 2024 before whales shifted to net withdrawals as Bitcoin’s price recovered later in the year. Late 2024 saw net withdrawals reach over 5,000 BTC per day, coinciding with notable price rebounds, before intermittent deposit spikes emerged in 2025 and 2026.
A renewed wave of net deposits began midway through 2026, paused briefly during a period of price recovery and net withdrawals, then resumed as selling pressure reemerged in recent weeks. The current trend underscores how shifts in whale exchange flows can foreshadow phases of distribution or accumulation among major holders.
With Bitcoin recently slipping below the $65,000 mark, market participants are closely tracking whale behavior to assess whether distribution is likely to continue or begin to ease.
Glassnode highlights early signs for a shift in distribution trends
Glassnode suggested that sustained net withdrawals by whales would provide the earliest indication that large holders are concluding their recent distribution phase. For this to occur, withdrawals must consistently outpace deposits over a meaningful period, reducing Bitcoin’s potential supply available on exchanges.
Although such a shift would not guarantee an immediate market rebound, Glassnode’s moving average remains a closely watched metric for early signals of easing whale-driven selling pressure. As of the latest readings, the 30-day net flow remains positive, suggesting that distribution by large holders persists. The future direction of these flows could influence market sentiment and price stability in the weeks ahead.
Traders monitoring evolving whale activity may benefit from using real-time market tracking tools. CryptoAppsy enables users to set custom price alerts that notify them immediately of sudden moves in Bitcoin or other major cryptocurrencies. By offering live price monitoring and news updates, CryptoAppsy helps users keep pace with developments in whale exchange flows and respond quickly to shifts in market dynamics.
