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Between November 21 and 27, 2025, the trading platform’s Bitcoin reserves dropped sharply, with its balance falling from 2.4 million Bitcoins to 1.82 million Bitcoins, or more than 580,000 Bitcoins, one of the largest withdrawals of the year.
This has raised expectations that the market will enter a phase of strong volatility, especially as Bitcoin recovers from its previous decline below $81,000 and trades near $91,700, although it is still 27% away from its all-time peak of $126,000.
The data shows that large wallets are moving a large number of transactions to custodial wallets, while the number of wallets holding 100 or more Bitcoins has increased while smaller wallets have declined.
A measure of derivatives funding also fell to a level not recorded in two years, indicating a reduction in leveraged positions.
Funding rates have turned negative at -0.0007, and the Coinbase premium remains in negative territory despite recent improvements.
Analysts confirmed that selling pressure has decreased recently.
The $89,000 to $91,000 area is an important range for the price, and while some believe that the descending wedge pattern signals a possible bottom, a break above $100,000 is needed to confirm a strong upward wave.
The $93,000 level is also considered a key point in determining the next market direction.
Also read:
Cryptocurrency market adds $130 billion after Bitcoin rises to weekly high above $91,000
$37M hack forces Upbit to halt withdrawals and compensate users
