Arab Chain
November Sees a Significant Rise in Bitcoin Activity as Spent Volume Exceeds One Million BTC on Some Days
Data from the Bitcoin Spent Output indicator shows a notable surge in on-chain activity throughout November, with daily values exceeding one million BTC on several occasions. The moving average for the period reached levels close to 841,000 BTC, marking one of the highest activity phases in recent months. This increase does not necessarily reflect direct selling; rather, it indicates that large amounts of previously dormant coins have transitioned into active on-chain movement, whether through wallet restructuring, internal transfers, or liquidity reallocation carried out by whales or major entities. Notably, the 7-day moving average (SMA-7d) displayed in the chart shows that the rise in activity was not limited to isolated spikes. Instead, it formed a sustained upward trend over multiple days, confirming that the surge in spent volume was broad-based and persistent rather than temporary. The consistent rise in the SMA-7d suggests that various age cohorts of Bitcoin—particularly older and mid-term holdings—became increasingly active during the month, aligning with behaviors typically associated with repositioning or preparing liquidity for future actions. Meanwhile, the Binance Realized Inflow indicator reveals a clear jump in the amount of Bitcoin that actually reached the exchange during November. Several days recorded inflows ranging between 14,000 and 15,400 BTC, levels significantly higher compared to previous periods. This coincided with a decline in Bitcoin’s price from $105,000 down to the $91,000–$92,000 range, suggesting that part of the liquidity moving into Binance was linked to selling pressure or broader market redistribution. Despite the sharp rise in both network and exchange-related activity, the market did not experience a dramatic price collapse.