Bitcoin Slips Below $65K as Daily Whale Net Deposits Hit $55M

TLDR:

• Bitcoin whale net deposits on exchanges average $55 million daily as selling pressure has built for weeks.
• Bitcoin traded at $64,853, down 1.16%, as Glassnode reported sustained net deposits from large holders.
• Glassnode’s 30-day average of whale exchange flows remains positive after a brief reversal in October.
• A return to net exchange withdrawals would be an early sign of easing whale distribution, Glassnode says.

Bitcoin faces mounting selling pressure from large investors as whale deposits continue to exceed withdrawals on cryptocurrency exchanges, according to data published by blockchain analytics firm Glassnode on November 15.

The firm reported that Bitcoin whales are depositing approximately $55 million more than they withdraw each day. The trend has been developing for several weeks, while Bitcoin was trading at $64,853, down 1.16% at the time of the update.

Bitcoin Whale Deposits Signal Continued Selling Pressure

Glassnode’s 30-day moving average of net whale flows to exchanges shows a sustained increase in deposits following a period of withdrawals earlier this year. Positive readings indicate that whales are transferring more Bitcoin to exchanges than they are removing.

Although exchange deposits do not necessarily represent completed sales, they increase the amount of Bitcoin potentially available for trading. Consequently, sustained deposits could contribute to selling pressure if large holders continue reducing their exposure.

The chart shows that whale exchange flows briefly returned to negative territory in October before turning positive again. Since then, deposits have largely exceeded withdrawals despite several fluctuations in the daily average.

Historical Whale Exchange Flows Reveal Shifts in Bitcoin Supply

Historical data dating back to January 2024 shows several extended periods of whale deposits and withdrawals. In August 2024, net deposits exceeded 3,000 BTC per day before reversing in the subsequent months.

Meanwhile, net withdrawals surpassed 5,000 BTC per day in late 2024 as Bitcoin’s price recovered. Similar withdrawal periods occurred during 2025 and early 2026, although temporary increases in exchange deposits interrupted these trends.

The latest distribution phase follows another extended period of positive exchange flows around mid-2026. However, Bitcoin’s subsequent recovery coincided with a temporary return to net withdrawals before selling pressure resurfaced in recent weeks.

Glassnode Identifies Key Signal for an End to Whale Distribution

According to Glassnode, a reversal from net deposits to net withdrawals would provide the first indication that Bitcoin whales are completing their distribution phase. Such a development would require large holders to consistently remove more Bitcoin from exchanges than they deposit.

This would reduce the potential supply available for immediate selling, although it would not independently confirm a broader market recovery. The 30-day moving average remains above zero for now, indicating that whale exchange deposits continue to outweigh withdrawals. As Bitcoin trades below $65,000, the direction of these flows remains a metric to monitor for early signs of easing selling pressure among large holders.

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