Cơ bản
Giao ngay
Giao dịch tiền điện tử một cách tự do
Giao dịch ký quỹ
Tăng lợi nhuận của bạn với đòn bẩy
Chuyển đổi và Đầu tư định kỳ
0 Fees
Giao dịch bất kể khối lượng không mất phí không trượt giá
ETF
Sản phẩm ETF có thuộc tính đòn bẩy giao dịch giao ngay không cần vay không cháy tải khoản
Giao dịch trước giờ mở cửa
Giao dịch token mới trước niêm yết
Futures
Truy cập hàng trăm hợp đồng vĩnh cửu
CFD
Vàng
Một nền tảng cho tài sản truyền thống
Quyền chọn
Hot
Giao dịch với các quyền chọn kiểu Châu Âu
Tài khoản hợp nhất
Tối đa hóa hiệu quả sử dụng vốn của bạn
Giao dịch demo
Giới thiệu về Giao dịch hợp đồng tương lai
Nắm vững kỹ năng giao dịch hợp đồng từ đầu
Sự kiện tương lai
Tham gia sự kiện để nhận phần thưởng
Giao dịch demo
Sử dụng tiền ảo để trải nghiệm giao dịch không rủi ro
Launch
CandyDrop
Sưu tập kẹo để kiếm airdrop
Launchpool
Thế chấp nhanh, kiếm token mới tiềm năng
HODLer Airdrop
Nắm giữ GT và nhận được airdrop lớn miễn phí
Pre-IPOs
Mở khóa quyền truy cập đầy đủ vào các IPO cổ phiếu toàn cầu
Điểm Alpha
Giao dịch trên chuỗi và nhận airdrop
Điểm Futures
Kiếm điểm futures và nhận phần thưởng airdrop
Đầu tư
Simple Earn
Kiếm lãi từ các token nhàn rỗi
Đầu tư tự động
Đầu tư tự động một cách thường xuyên.
Sản phẩm tiền kép
Kiếm lợi nhuận từ biến động thị trường
Soft Staking
Kiếm phần thưởng với staking linh hoạt
Vay Crypto
0 Fees
Thế chấp một loại tiền điện tử để vay một loại khác
Trung tâm cho vay
Trung tâm cho vay một cửa
Khuyến mãi
AI
Gate AI
Trợ lý AI đa năng đồng hành cùng bạn
Gate AI Bot
Sử dụng Gate AI trực tiếp trong ứng dụng xã hội của bạn
GateClaw
Gate Tôm hùm xanh, mở hộp là dùng ngay
Gate for AI Agent
Hạ tầng AI, Gate MCP, Skills và CLI
Gate Skills Hub
Hơn 10.000 kỹ năng
Từ văn phòng đến giao dịch, thư viện kỹ năng một cửa giúp AI tiện lợi hơn
GateRouter
Lựa chọn thông minh từ hơn 40 mô hình AI, với 0% phí bổ sung
Is Bitcoin Price at Risk of a Deeper Reset? Whales Signal Caution | Research
Is Bitcoin Price at Risk of a Deeper Reset? Whales Signal Caution | Research
Features writer
Olga Primakova
Features writer
Part of the Team Since
Nov 2024
About Author
Olga started writing about cryptocurrency and finance in 2021.
Has Also Written
Share
Copied
Elena Bozhkova
Features Lead
Part of the Team Since
May 2024
About Author
Elena is the Features Lead at Cryptonews.com. With a Master's degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.
Has Also Written
Last updated:
Key Takeaways:
Large Bitcoin transactions above $20 million increasingly moved to exchange hot wallets between October and mid-December.
Around 65% of BTC across whales and institutional-linked flows was sent to exchanges, often seen as a preparatory step rather than immediate selling.
November marked the peak in outflows across whales, BlackRock-linked wallets, and Wintermute, coinciding with Bitcoin price weakness below $85,000.
The timing of these peaks suggests a broad liquidity redistribution during the correction, not targeted pressure from a single market participant.
In This Article
Bitcoin (BTC) prices continue to trend lower. The market currently looks like a ping-pong match between buyers and sellers. Prices fall, but without a sharp collapse. This is followed by a rebound, but without strong upside momentum. Against this backdrop, speculation is growing that large players may be putting pressure on the market and could be interested in pushing prices lower. But does the data support this idea?
In this research, Cryptonews analyzed large Bitcoin transactions worth more than $20 million per transfer between Oct. 10 and Dec. 15. This timeframe allows us to observe market behavior after the October sell-off. Transactions linked to BlackRock and Wintermute were also reviewed, as both are among the most visible institutional participants.
Hot Wallets Are the Main Destination for Large BTC Transfers
The analysis shows that around 65% of BTC across these groups was transferred to hot wallets, primarily exchanges. This was the most common destination.
Such transfers are usually seen as a preparatory step before selling. However, they do not imply immediate liquidation. Sales may happen later or may not happen at all. Even so, this type of activity often increases caution in the market and influences expectations.
The second most common category was internal transfers. These include Bitcoin moved from one cold wallet to another or to unlabelled addresses. The purpose of these transactions is harder to interpret. In some cases, they may reflect rebalancing, changes in custody structure, or preparation for over-the-counter deals. In current market conditions, these movements can also amplify uncertainty, especially when large BTC volumes regularly move between addresses without a clear explanation.
November Marked the Peak in Large Outflows During Bitcoin Price Weakness
Across all three groups, Bitcoin whales as well as flows linked to BlackRock and Wintermute, activity peaked in November. This occurred after the October 10 sell-off and coincided with Bitcoin trading below $85,000, a period marked by elevated uncertainty.
The trend was most pronounced among Bitcoin whales. In November, their transaction volumes reached the highest levels both in the number of transfers and total BTC moved. Around 11.4 million BTC in outgoing transfers were recorded during the month. At prevailing prices, this represented more than $1 trillion in value. These figures were well above October levels and higher than activity seen in early December, when volumes began to decline.
Institutional flows showed a similar pattern. Bitcoin outflows linked to BlackRock also peaked in November. Estimates suggest around $1.3 billion worth of BTC was moved during the month, making it the most active period for this group in the analyzed timeframe.
Wintermute, one of the largest crypto market makers, also recorded its highest monthly volume of outgoing transfers during November. Given Wintermute’s role in providing liquidity, this increase likely reflects intensified trading activity and fund reallocation amid heightened volatility.
The fact that all three groups peaked at roughly the same time points to a broader redistribution of liquidity during a price correction rather than coordinated action by a single market participant.
Why Are They Doing This?
The rising share of BTC transfers to exchange wallets naturally raises questions. While these moves are often interpreted as preparation for selling, they do not automatically mean large players are ready to exit their positions.
During the correction, some market participants have suggested that falling prices could be used to test the resilience of major Bitcoin holders or even to trigger redistribution between them.
When Bitcoin price comes under prolonged pressure, large and highly visible corporate holders like Strategy inevitably draw closer scrutiny. The company is among the largest corporate Bitcoin holders and is closely associated with a strong long-term BTC thesis. This raises a logical question: could price pressure be a way to test how resilient such positions really are, and what would happen if one of the largest public holders changed its stance?
According to experts, drawing direct conclusions is premature. David Dobrovitsky, CEO of Wowduck, says Cryptonews that it would be an oversimplification to single out one company as a key driver of Bitcoin price movements:
Even so, the idea of a “stress test” for corporate holders is increasingly discussed in the context of current market dynamics.
Dobrovitsky argues the market is not there yet:
From this perspective, Bitcoin price decline appears more like part of a wider cooling in risk assets than targeted pressure on specific players.
That said, Michael Saylor’s role remains an important part of the market narrative, even if it is not decisive. “Positive sentiment around Saylor and Strategy certainly helps Bitcoin,” Dobrovitsky adds. “But it shouldn’t be viewed as the be-all and end-all when it comes to BTC price dynamics.”
Conclusion
Depending on interpretation, this activity can be explained in different ways. On one hand, the rise in BTC transfers to exchanges and the increase in internal movements may reflect a broader market cooldown and standard risk reallocation during a price correction and weaker macro conditions. On the other hand, some participants believe falling prices may act as a stress test for the largest Bitcoin holders, including corporate players like Strategy, whose commitment to BTC has become part of the market narrative.
At the same time, on-chain data does not point to targeted pressure on any single participant. Both explanations remain within the realm of market expectations rather than confirmed scenarios.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Price Analysis
7 hours ago
,
by David Pokima
Price Analysis
1 day ago
,
by David Pokima
Bitcoin News
16 hours ago
,
by Ahmed Balaha
Feb 24, 2026
,
by Alan Draper
Mar 13, 2026
,
by Ines S. Tavares
Mar 23, 2026
,
by Alan Draper
Feb 24, 2026
,
by Ilija Rankovic
Feb 24, 2026
,
by Ilija Rankovic
10 hours ago
,
by Ilija Rankovic
just now
,
by Leon Waters
just now
,
by Ihssan El Medkouri
just now
,
by Alan Draper