Crypto trading firm QCP Capital reports that long-term holders have been actively moving their coins to exchanges, increasing supply pressure on Bitcoin in early November.
According to the firm’s analysis, more than 400,000 BTC from so-called “old supply” — coins held for a significant period without movement — have been shifted over the past 30 days. One of the largest recent transfers occurred on November 3, when a substantial tranche of coins was deposited to the exchange Kraken.
This on-chain activity coincided with Bitcoin’s pullback from $110,000 to around $107,000, marking a soft market start to the month. QCP says this continues the trend observed in October, when long-term wallets showed persistent outflows, contributing to Bitcoin’s first monthly decline since 2018.
Despite this, the move has not been triggered by broader macroeconomic stress.
Equity markets and other risk assets remain in a positive environment supported by accommodative monetary conditions.
Volatility in Bitcoin has risen slightly, but futures open interest has remained subdued since October 10 — a sign that leverage and speculative demand are still weak.
QCP analysts note that Bitcoin may remain in a consolidation phase until whale redistribution runs its course.
Some market participants compare the present structure to the period right before the breakout in 2024, though analysts caution that it is still unclear whether this could transition into a deeper correction or even the early stage of a new crypto winter.
Earlier, we reported that Bitcoin is again testing a key support zone while Ethereum traders are showing signs of heightened anxiety.
