Key Takeaways
How much Bitcoin has left exchanges during the recent correction?
Approximately 100,000 to 120,000 BTC has been withdrawn from exchanges in October-November 2025, marking one of the largest outflow waves.
How far has Bitcoin fallen from its peak?
Bitcoin currently trades at $93,248, representing a 27% decline from its October peak of approximately $127,500, with the price action exhibiting persistent bearish momentum throughout November.
Bitcoin holders appear to be shifting from aggressive selling to accumulation behavior as distribution pressure moderates across key cohorts.
On-chain data reveals massive exchange outflows coinciding with Bitcoin’s steep correction, suggesting strong hands are moving coins into cold storage rather than capitulating.
Bitcoin holder cohorts flip to accumulation
Glassnode’s Trend Accumulation Score by Cohort reveals a dramatic behavioral shift among Bitcoin holders in November.
The heatmap chart shows several cohorts transitioning from deep red [distribution] to blue tones [accumulation] in recent weeks.
Source: Glassnode
The <1 BTC cohort displayed persistent red throughout October, indicating consistent selling by smaller holders. However, November data shows this group shifting toward neutral and even blue accumulation zones.
Similarly, the 1-10 BTC cohort experienced heavy distribution during Bitcoin’s rally but now demonstrates accumulation behavior.
Mid-sized holders in the 10-100 BTC and 100-1K BTC ranges followed comparable patterns. These wallets sold aggressively as Bitcoin approached $120,000 in August and October, but have since reduced distribution intensity.
The latest readings show accumulation scores improving across most timeframes.
Massive exchange exodus signals accumulation
Glassnode data shows approximately 100,000 to 120,000 BTC exited exchanges in October and November 2025.
The withdrawal wave, represented by deep red bars on the exchange net position change chart, matches the magnitude of December 2024’s outflows and represents the largest self-custody movement in the dataset’s recent history.
Source: Glassnode
The pattern stands in stark contrast to the earlier periods of 2024. During Bitcoin’s rally from around $70,000 to over $100,000 through mid-2024, green bars dominated the chart, indicating coins flowing onto exchanges for selling.
The current reversal to sustained red bars suggests that distribution from profit-takers has largely exhausted itself.
The timing proves notable as outflows accelerate precisely during Bitcoin’s 27% price decline, indicating accumulation during weakness rather than panic selling.
Price correction creates opportunity
Bitcoin’s daily chart illustrates the severity of the recent selloff. Price action peaked near $127,500 in late October before entering a sustained decline through November.
Sharp red candles dominated the period, pushing Bitcoin through support levels at $110,000, $105,000, and recently testing $100,000.
The 27% correction from peak to current levels, at $93,248, represents a significant repricing.
Source: TradingView
However, the combination of moderating distribution pressure across holder cohorts and massive exchange outflows suggests selling exhaustion may be approaching.
Market participants monitor whether this shift marks a cycle low or merely a pause before further decline.
