Over 21,000 Bitcoins Transferred to Exchanges in the Last 96 Hours, Marking a Significant Spike in Exchange Reserves

Historically, such inflows often signal growing sell-side pressure, especially when traders anticipate local tops.

Over the last 96 hours, over 21,000 Bitcoin [BTC]have been transferred to exchanges, leading to a significant spike in exchange reserves, according to Glassnode.

Historically, such large-scale inflows often signal growing sell-side pressure, especially when traders anticipate local tops or anticipate liquidating their positions.

Bitcoin is struggling to gain momentum after a recent dip that fell short of tagging the $79,000 support, trading at a glance glance at the $83,700 mark. As the market anticipates a decisive move, these persistent inflows could be a deciding factor in triggering a correction or continuing the rally.

Bitcoin struggles to break free after a recent setback

On the 4-hour chart, Bitcoin appears to be forming a textbook cup and handle pattern, which traditionally signals a potential bullish continuation after a period of consolidation.

At the time of writing, BTC traded at $85,138.04, posting a modest 1.02% gain. The pattern’s neckline sat at the $88,860 level—a key resistance zone that must be cleared to fully complete the pattern and might be encountered if buyers attempt to push higher.

If this barrier is breached, it could trigger a wave of buying pressure, ultimately leading to a breakout toward new highs. However, the pattern has yet to complete, and the handle portion remains sensitive to broader market sentiment.

If bulls fail to build enough momentum and push through this barrier, Bitcoin could pull back toward the $81,535 support level, which has proven resilient in previous dips.

Bitcoin 4-hour chart (from TradingView)

Is momentum running out?

Market sentiment showed no clear direction at press time, with bulls and bears perfectly matched at 130 each over the past seven days, according to the Fear & Greed Index. This equilibrium indicated deep uncertainty in the market, where any minor event could tip the scales sharply.

At the same time, Bitcoin’s network activity has dropped significantly, approaching historic lows seen in 2018 and 2021, according to CryptoQuant’s analysis.

A decline in on-chain engagement often reflects reduced user demand and weak market participation. However, renewed volume or institutional buying could quickly reverse this decline.

Bitcoin active addresses (from CryptoQuant)

Whale buying intensifies despite selling pressure

Despite the selling pressure signaled by rising exchange reserves, whales and institutions appear to be accumulating aggressively. Glassnode data shows wallets holding over 10,000 BTC increasing their holdings, pushing the accumulation score close to 0.6. This signals a strong preference for accumulating coins at these price levels.

Moreover, Tether has reportedly bought $750 million worth of BTC in 2025, now holding over 100,000 BTC valued at $8.5 billion. Additionally, Bitwise entered the accumulation phase with a $24.5 million purchase, further highlighting sustained long-term confidence in Bitcoin.

Finally, the stock-to-flow ratio has dropped 71.43% in the past 24 hours, sitting at 907.2K at press time. This metric, used to evaluate scarcity by comparing circulating supply to the rate of new issuance, usually moves slowly. A drop of this size suggests either market saturation or temporary doubt in scarcity as a value driver. Nevertheless, many investors still see current levels as a strategic buying opportunity.

This analysis suggests that despite the potential for a short-term correction due to selling pressure signaled by rising exchange reserves and weak network activity, strong whale accumulation and continued institutional buying provide a solid cushion that could limit the downside.

Therefore, while short-term market direction remains uncertain and could favor a pullback, the broader bullish structure and long-term outlook for Bitcoin appear to be firmly intact.