Bitcoin Whales’ Three-Month-Plus Net Deposit Streak Ends as Exchange Flows Reverse!

Bitcoin whales’ net deposit streak, which lasted more than three months, ended in late August, while Glassnode data shows that since then, more BTC has been withdrawn from exchanges than deposited.

According to a post by Glassnode dated October 5, the amount of Bitcoin whales sent to exchanges throughout the summer exceeded the amount they withdrew. This streak of more than three months lasted at least twice as long as each of the other net deposit periods seen since 2023.

Direction changed in late August

This prolonged period ended in late August, and net flows turned negative. The trend, which persisted from then through the date of the post, shows that whales withdrew more Bitcoin from exchanges overall than they deposited.

As a result, the net BTC movement toward exchanges during the summer gave way to outflows from exchanges. What stands out in the data is not only the change in direction, but also that it has continued since late August.

The chart shows the monthly trend, not daily movements

Glassnode’s chart tracks whale flows using a 30-day average, in thousands of BTC per day. In the latest section, the green area representing net withdrawals remains below the zero line, indicating that outflows from exchanges have dominated according to this measure.

The indicator measures transfers whales make to and from exchanges; it is not a record of direct purchases or sales. Therefore, the change in direction offers insight into how whales are positioning their holdings on exchanges.