Bitcoin has continued to show no signs of recovery as its price continues to retest its multi-month lows, sparking doubts across the crypto community.
On Saturday, Nov. 22, popular crypto analyst Ali Martinez revealed data showing that Bitcoin’s on-chain metrics have continued to witness growing sell pressure. According to the data, more than 20,000 BTC worth nearly $2 billion have been transferred back to crypto exchanges over the last week.
This surge in Bitcoin’s exchange inflows over the last seven days has come at a tense moment for the crypto market as it appears that Bitcoin bulls are increasingly exiting the market.
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Bitcoin retests $82,000
The large number of Bitcoin tokens that have been returned to exchanges in mere seven days comes as no major surprise as Bitcoin's price trajectory has remained in the red territory since the past week, causing its price to fall beyond imagination.
Majorly since the massive Oct. 10 crash, Bitcoin has been locked in a prolonged correction and has now retested the $82,000 level, a level last reached in April 2025.
The aggressive spike in the exchange inflows is largely attributed to the bearish sentiment hovering around the market as Bitcoin continues to fall deeper.
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Notably, this on-chain performance suggests that large holders may be preparing to take profits or hedge against further downside. During the week, a leading asset management firm was spotted aggressively dumping thousands of its BTC holdings.
While this may have contributed to the surging exchange inflows, reports reveal that BlackRock moved over $1 billion in Bitcoin in less than five days in a move that appears to be a sell-off attempt.
Considering the Bitcoin price dynamic in recent days, speculators have suggested that the asset might have already entered its bear phase. Hence, analysts have suggested that the Bitcoin price correction may continue to linger if whales continue to exit the market.
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