Bitcoin exchange inflows are increasingly being driven by large holders as the market remains in a bear phase, according to onchain analytics firm CryptoQuant.
Whale ratio hits decade high
CryptoQuant said the exchange whale ratio has climbed to 0.64, the highest level since October 2015.
That means 64% of all bitcoin exchange inflows came from the top 10 deposits by volume, the firm said, pointing to whales leading selling activity.
CryptoQuant wrote:
“This suggests large investors are driving selling activity.”
The firm also said the average bitcoin exchange inflow rose to 1.58 BTC in February, the highest level since June 2022.
Inflows cool after capitulation spike
CryptoQuant said overall exchange inflows have “normalized after a capitulation spike, reducing immediate selling pressure.”
Following bitcoin’s correction toward the $60,000 area earlier this month, total exchange inflows surged to around 60,000 BTC on Feb. 6, the highest daily level since November 2024.
Since then, inflows have fallen to about 23,000 BTC on a 7-day moving average, a roughly 60% drop, according to the report.
Altcoin deposits rise as stablecoin ‘dry powder’ fades
CryptoQuant said altcoins continue to face broad selling pressure, with average daily altcoin exchange deposits around 49,000 so far in 2026, up 22% from roughly 40,000 in Q4 2025.
CryptoQuant added:
“Elevated altcoin deposits typically precede heightened volatility and reflect weaker market confidence outside bitcoin.”
Stablecoin flows also weakened.
CryptoQuant said daily net USDT inflows into exchanges fell from a one-year high of $616 million on Nov. 5, 2025, to $27 million recently, and turned negative at times, including a $469 million outflow on Jan. 25, 2026.
The firm concluded:
“[These factors imply] limited demand buffers and a market structure vulnerable to further volatility during the ongoing bear-market phase.”
