The increasing activity of bitcoin whales during the ongoing bear market has captured the attention of crypto enthusiasts and analysts alike. According to CryptoQuant, an on-chain analytics firm, large bitcoin holders are significantly influencing market dynamics through substantial exchange deposits.
Rising Whale Activity in Bitcoin
CryptoQuant reports a notable increase in the exchange whale ratio, now at 0.64, a peak not seen since October 2015. This indicates that 64% of bitcoin exchange inflows originate from the top 10 deposits by volume. Such concentration suggests that large investors are primarily driving selling activities.
In February, the average bitcoin exchange inflow increased to 1.58 BTC, the highest since June 2022. Although overall inflows have normalized after a capitulation spike, the market remains cautiously vigilant.
Bitcoin Inflow and Market Implications
Following a correction to the $60,000 mark earlier this month, total exchange inflows soared to around 60,000 BTC on February 6, marking the highest daily level since November 2024. However, this figure has since dropped to approximately 23,000 BTC on a 7-day moving average, a 60% decline, indicating a potential easing of acute sell-off pressure.
Despite these developments, CryptoQuant notes that exchange flows remain elevated compared to previous months, suggesting persistent market uncertainty.
Altcoins and Stablecoin Dynamics
Beyond bitcoin, altcoins are also experiencing significant selling pressure. The average daily number of altcoin exchange deposits has climbed to about 49,000 in 2026, up 22% from the previous quarter. This trend often precedes heightened volatility and reflects diminished market confidence outside of bitcoin.
Moreover, stablecoin flows have shown signs of weakening. Daily net Tether (USDT) inflows into exchanges plummeted from a one-year high of $616 million in November 2025 to $27 million recently. At times, net flows even turned negative, with a $469 million outflow on January 25, 2026, suggesting reduced liquidity to buy crypto assets.
CryptoQuant concludes that the current market is characterized by concentrated selling pressure among large bitcoin holders, widespread altcoin distribution, and declining stablecoin inflows, which together imply limited demand buffers and a market vulnerable to further volatility.
