The institutional Bitcoin movement is happening, but that doesn't mean panic: revealing the true picture with data at $90.65K

Headlines about the 87,464 BTC leaving corporate addresses in a single day sound alarming, but behind the massive numbers, there is almost nothing more than transfers between custodians. Sani from Timechain Index clearly showed that institutions are not selling off their Bitcoin positions — they are simply reorganizing their storage.

Where did the 87,464 BTC actually go

On November 21, we saw the largest one-day outflow since June 26 — over 15,000 BTC left tracked addresses. But numbers can be misleading. When MicroStrategy transferred 49,907 BTC, it looked like a massive exit, but CEO Michael Saylor clarified the situation: the company did not sell a single satoshi. In fact, according to Bitcoin Treasuries, the business added 8,178 BTC that same week.

What actually happened? Strategy redistributed its assets among several custodians, including Fidelity Custody, to reduce operational risks. This is already the second such move by the company, and it is quite justified for an owner of over 650,000 Bitcoin.

BlackRock and Coinbase: the same tactics

MicroStrategy is not an exception. BlackRock moved nearly 800,000 BTC twice to new addresses (first last year, then again a few weeks ago), and Coinbase carried out a similar UTXO consolidation this weekend. This is not panic — it is standard practice among large players.

ETF outflows: real selling pressure

Against the backdrop of these side movements, the real pressure on the price came from BitSocket ETF. On November 20, issuers recorded net outflows of $903 millions, prompting a buyback of approximately 10,426 BTC. When investors exit ETF positions, fund managers are forced to sell the underlying Bitcoin on the market — this truly impacts the short-term price.

However, this volume also remained within normal ranges considering previous activity. At the current price of $90.65K, these volumes demonstrate healthy institutional demand despite temporary fluctuations.

Why does this matter

The activity of Timechain Index, which tracks 16 categories of entities — from centralized exchanges to government treasuries — shows that Bitcoin movements between addresses do not always mean an intention to sell. Blockchain transparency sometimes creates an optical illusion, where 87,464 BTC moving between custodians appear as a coordinated exit from crypto exposure.

In reality, custodial diversification is the best treasury management practice for large owners. Concentration in one place creates a single point of failure. Asset distribution is a sign of portfolio maturity, not chaos.

The final takeaway is simple: blockchain machines often move money, but not always. Net institutional flows remained stable after accounting for internal transfers, and that is the key figure to watch.