At the beginning of November 2025, the cryptocurrency market showed a decline as the price of Bitcoin dropped from $110,000 to $107,000. One of the main reasons for this was the large transfers of Bitcoins from the wallets of long-time holders to the Kraken exchange. According to QCP Capital, such significant transfers were observed on November 3, contributing to increased market volatility.
This is reported by Finway
Mass Movements of Bitcoins and Their Impact on the Market
Experts note that over the past month, more than 400,000 BTC have been withdrawn from ‘old’ wallets. This trend began in October when there were consistent outflows of assets from the wallets of long-term market participants. During this period, Bitcoin recorded its first monthly price decline since 2018.
QCP Capital emphasizes that this trend occurred without clear macroeconomic reasons, as stock markets and other risk assets are currently showing positive results due to loose monetary policy.
Volatility and Future Prospects for Bitcoin
“Volatility has increased slightly, but open interest in futures has remained low since October 10,” the statement reads.
Despite the overall increase in volatility, the market does not show significant fear regarding a potential further crash. Analysts believe that the current prolonged consolidation of Bitcoin’s price may persist until the asset redistribution phase by large players, known as ‘whales,’ is completed. Some market participants draw parallels between today’s situation and the period before the sharp rise in 2024, but the question of the likelihood of a new crypto winter remains open for now.