Bitcoin whales move $230mln to exchanges, yet BTC holds range – Why?

Bitcoin’s muted price action, paired with renewed whale activity, unsettled market sentiment on the 25th of December.

On that day, a long-dormant Bitcoin whale and asset manager BlackRock transferred large BTC amounts to exchanges, according to Onchain Lens.

Onchain Lens reported that BlackRock deposited 2,292 Bitcoin [BTC], worth $199.8 million, into Coinbase.

Separately, a whale wallet dormant for eight years deposited 400 BTC, valued at $34.92 million, into OKX.

Large holders often shape short-term sentiment, as traders monitor such transfers for potential sell-side pressure. That dynamic left market participants cautious, even without immediate confirmation of spot selling.

Spot Bitcoin ETFs record consecutive outflows

On top of that, U.S. Spot Bitcoin exchange-traded funds extended their losing streak. SoSoValue data showed Spot Bitcoin ETFs recorded five consecutive days of net outflows.

Source: SoSoValue

That pattern suggested institutional demand remained fragile despite Bitcoin holding above key technical support. Together, ETF outflows and exchange deposits reinforced a defensive market tone.

Leverage thinned as price stalled

At press time, Bitcoin traded near $87,700, down roughly 0.35% on the day. During the same period, Open Interest fell 0.99% to $57.42 billion, reflecting reduced leverage exposure.

That decline signaled traders unwound risk rather than positioning aggressively for a breakout. Even so, intraday positioning hinted at localized bullish conviction.

Source: CoinGlass

According to CoinGlass’ Liquidation Map, major leverage clusters sat near $85,966 below price and $88,636 above.

At these levels, intraday traders have built $646.17 million worth of long-leveraged positions and $422.42 million worth of short-leveraged positions. This suggests that traders were tilted toward the bullish side and strongly believe that BTC’s price will not fall below the $85,966 level.

Bitcoin price action and key levels to watch 

AMBCrypto’s technical analysis on the weekly chart revealed that BTC has been in a tight consolidation zone between the $86,000 and $93,500 levels since the 17th of November.

Historically, consolidation breakouts or breakdowns lead to major rallies or declines, and as BTC’s price approaches the lower boundary, it has sparked fear of a potential breakdown below this range.

Source: TradingView

Based on the price action, if sentiment remains unchanged and BTC breaks below the key support at $86,000 with a daily candle close beneath it, it could open the door to a massive downside move.

However, the bearish outlook would only be invalidated if BTC breaks out above the upper boundary at the $93,500 level.

Final Thoughts

• Whale transfers and ETF outflows highlighted growing hesitation beneath Bitcoin’s surface stability.
• With leverage thinning and price stuck in a tight range, the next directional break may depend on whether conviction returns or fades further.