Large bitcoin holders have significantly increased their deposits to exchanges amid declining prices. According to CryptoQuant, around 9,000 BTC was transferred to exchanges on November 21, with 45% of that coming from deposits of 100 BTC or more. This spike in large deposits raised the average bitcoin deposit size to 1.23 BTC, the highest in a year, reflecting a shift in behavior among major traders. The activity on exchanges isn't limited to bitcoin; ether and altcoins have also seen elevated exchange activity, contributing to downward pressure on prices. CryptoQuant noted a notable increase in average deposit sizes on Binance, which jumped from 12 BTC at the start of November to 37 BTC recently. This trend indicates that larger holders are likely using exchanges to reduce their bitcoin exposure. CryptoQuant's head of research, Julio Moreno, explained that analyzing who dominates spot trading on exchanges helps infer market behavior. Sellers have predominated since early October, though recent days have shown a more balanced trading environment. This pattern suggests ongoing selling activity from investors and traders as they react to the current price downturn.