Bitcoin Whales Shift Billions to Exchanges as November Outflows Peak During Sub-$85,000 Price Slump

Between October 10 and December 15, large Bitcoin holders and institutional wallets increasingly routed transfers above $20 million to exchange hot wallets, with roughly 65% of observed BTC flows heading there. Activity across whales and wallets linked to BlackRock and Wintermute peaked in November while Bitcoin traded below $85,000, suggesting a broad liquidity reshuffle rather than clear, targeted selling by a single player.