TL;DR

On-chain data shows whales accumulating Bitcoin, withdrawing ~20,352 BTC ($1.79B) from exchanges in December.
Eight of ten major exchanges saw net whale outflows, led by Bybit and Gemini, signaling a shift to accumulation.
Retail sentiment is fearful (Fear & Greed Index at 27), contrasting with whale behavior.

On-chain Bitcoin data reveals a growing divergence between retail investors and large holders, suggesting a deeper structural shift beneath the market surface. According to figures from CryptoQuant, whale wallets have been consistently withdrawing Bitcoin from exchanges over the last 30 days, even as overall trading activity declined sharply.

The Exchange Whale Activity Trend (30d) indicator shows that eight out of ten major exchanges recorded net whale outflows, signaling accumulation instead of distribution. This marks a notable change in behavior, as large holders appear to be consolidating positions during a period of low volatility and weak sentiment.

Whales Accumulate While Retail Traders Step Back

During December, whales withdrew roughly 20,352 BTC, worth about $1.79 billion, equivalent to an average of 678 BTC per day. This occurred despite a 40% drop in transaction activity across exchanges.

Silent BTC Accumulation While Retail Panics
Exchange activity collapsed 40% in December, yet whales quietly accumulated.
Wallets moving 1,000+ BTC withdrew 20,352 BTC (~$1.8B) from exchanges as retail sold in fear.⁰8 out of 10 exchanges saw net whale accumulation.
Fear &… pic.twitter.com/JnZjl7iF1e

— Simon (@SimonTSterling) December 26, 2025

Bybit led the trend with 9,398 BTC withdrawn, followed by Gemini with 5,186 BTC. Binance also showed net accumulation of 2,260 BTC, even as it processed the largest overall whale volume, reflecting balanced flows rather than aggressive buying or selling.

Other exchanges, including Kraken, OKX, Upbit, and Crypto.com, posted net withdrawals between 165 and 1,140 BTC, reinforcing the pattern of widespread accumulation across global and regional platforms.

Bitstamp Breaks the Market Pattern

Bitstamp was the only major venue showing net deposits, totaling 1,332 BTC over the same period. This isolated behavior highlights a pocket of selling pressure among large holders but does not alter the broader accumulation trend.

The whale netflow chart displays deep negative bars across most exchanges, especially Bybit and Gemini, confirming that coins are moving away from exchanges toward long-term cold storage, not toward liquidation.

While whales accumulated, overall sentiment weakened. The Fear and Greed Index fell to 27, signaling elevated fear among retail participants. Long-term holders also slowed their selling dramatically, depositing just 0.31 BTC in December compared to 48.21 BTC in November, when prices were higher.

This sharp contrast between whale accumulation and retail retreat reflects a market defined by low liquidity and risk aversion. Fewer exchange deposits, falling transaction counts, and consistent whale withdrawals indicate that experienced investors are positioning themselves during a downturn rather than exiting.

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Filed under: News - @ December 26, 2025 10:16 pm