Bitcoin exchange inflows are increasingly being dominated by large holders as the broader market remains in a bear phase, according to onchain analytics firm CryptoQuant.
The exchange whale ratio has risen to 0.64, the highest level since October 2015, meaning 64% of all bitcoin exchange inflows came from the top 10 deposits by volume, CryptoQuant said in a Friday report. This suggests large investors are driving selling activity, the firm added. At the same time, the average bitcoin exchange inflow climbed to 1.58 BTC in February, the highest level since June 2022, the middle of the previous bear market, CryptoQuant noted.
That said, overall bitcoin exchange inflows have “normalized after a capitulation spike, reducing immediate selling pressure,” CryptoQuant said. Following bitcoin’s correction to 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 declined to about 23,000 BTC on a 7-day moving average, a roughly 60% drop, CryptoQuant said, noting that this suggests the acute sell-off phase has eased, even though exchange flows remain elevated compared with prior months.
Beyond bitcoin, altcoins continue to face broad selling pressure. The average daily number of altcoin exchange deposits has risen to about 49,000 so far in 2026, up 22% from roughly 40,000 in the fourth quarter of 2025, CryptoQuant noted. “Elevated altcoin deposits typically precede heightened volatility and reflect weaker market confidence outside bitcoin,” the firm said.
At the same time, stablecoin flows point to shrinking buying power. Daily net Tether (USDT) inflows into exchanges have fallen sharply from a one-year high of $616 million in November 2025 to just $27 million recently. Net flows even turned negative at times, including a $469 million outflow on Jan. 25, 2026. CryptoQuant noted that declining or negative stablecoin flows suggest less liquidity available at the margin to buy crypto assets.
Overall, CryptoQuant said bitcoin selling pressure is increasingly concentrated among large holders, altcoins are experiencing broad-based distribution, and stablecoin outflows suggest diminished “dry powder.” These factors imply “limited demand buffers and a market structure vulnerable to further volatility during the ongoing bear-market phase,” CryptoQuant concluded.
