On-chain in 24 hours: 7,810 BTC in large net outflows, while whales quietly withdraw
According to TrackWhale data, as of 19:07 Beijing time on November 8, around 787 BTC flowed into exchanges in large transactions over the past 24 hours, while 8,600 BTC flowed out (about $652 million), for a net outflow of 7,810 BTC. Kraken alone saw 6,190 BTC flow out. Meanwhile, Alpha Finance data shows that BTC reserves across 15 exchanges stood at 2.58 million BTC, with virtually no net flows over the past 24 hours—indicating that selling pressure has not poured into exchanges in a concentrated way.
At the same time, whales are withdrawing at lower prices: Lookonchain monitoring shows that a whale that previously sold near $89,000 has withdrawn 3,009 BTC (about $228 million) from Binance to a self-custody wallet since November 6. Today, another whale withdrew $7.5 million in USDC from Binance. On Ethereum, two whale wallets accumulated a combined 18,550 ETH (about $42 million) over five days. Bitmine also added 5,000 ETH, bringing its holdings to 4.96% of the total ETH supply.
But opinions remain divided: Basis Desk recorded $1 billion in exchange deposits on November 7, exceeding withdrawals by $703 million. Over the past 24 hours, whales sold $1.63 billion, more than the $1.28 billion they bought. U.S. Bitcoin ETFs saw net outflows of $412 million on November 6. On Hyperliquid, whale shorts ($3.74 billion) still outweigh longs ($2.98 billion), with the largest position being a 5x BTC short worth $179 million. On-chain funds are leaving exchanges, but leveraged traders are still shorting—is $75,000 going to hold? That is the key question this week.
$BTC $ETH
#Onchain #BTC #Whale
According to TrackWhale data, as of 19:07 Beijing time on November 8, around 787 BTC flowed into exchanges in large transactions over the past 24 hours, while 8,600 BTC flowed out (about $652 million), for a net outflow of 7,810 BTC. Kraken alone saw 6,190 BTC flow out. Meanwhile, Alpha Finance data shows that BTC reserves across 15 exchanges stood at 2.58 million BTC, with virtually no net flows over the past 24 hours—indicating that selling pressure has not poured into exchanges in a concentrated way.
At the same time, whales are withdrawing at lower prices: Lookonchain monitoring shows that a whale that previously sold near $89,000 has withdrawn 3,009 BTC (about $228 million) from Binance to a self-custody wallet since November 6. Today, another whale withdrew $7.5 million in USDC from Binance. On Ethereum, two whale wallets accumulated a combined 18,550 ETH (about $42 million) over five days. Bitmine also added 5,000 ETH, bringing its holdings to 4.96% of the total ETH supply.
But opinions remain divided: Basis Desk recorded $1 billion in exchange deposits on November 7, exceeding withdrawals by $703 million. Over the past 24 hours, whales sold $1.63 billion, more than the $1.28 billion they bought. U.S. Bitcoin ETFs saw net outflows of $412 million on November 6. On Hyperliquid, whale shorts ($3.74 billion) still outweigh longs ($2.98 billion), with the largest position being a 5x BTC short worth $179 million. On-chain funds are leaving exchanges, but leveraged traders are still shorting—is $75,000 going to hold? That is the key question this week.
$BTC $ETH
#Onchain #BTC #Whale