CryptoQuant data shows Bitcoin’s Exchange Whale Ratio has climbed to 0.64, the highest level since October 2015. In practical terms, 64% of all Bitcoin sent to exchanges came from the ten largest transactions, a sign that large holders are exerting unusual influence over current market flows and keeping sell pressure elevated.
Large exchange deposits point to concentrated Bitcoin selling
The report said average daily Bitcoin inflows to exchanges rose to 1.58 BTC in February, returning to levels last seen during the June 2022 bear market. After Bitcoin corrected at the start of the month and moved toward $60,000, exchange inflows spiked on February 6, when 60,000 BTC hit trading platforms in a single day. That capitulation-style wave later cooled, with daily inflows dropping to 23,000 BTC, but the level remains high enough to keep traders on alert.
The pattern suggests many participants are still using rallies or rebounds to reduce exposure. Control is leaning toward large holders, and smaller investors are being pushed into the background. The result is a market that can swing harder on fewer transactions. The message is simple: sellers are still active.
Altcoin deposits rise as risk appetite weakens
Altcoins have faced a broader selloff since the start of 2026. According to CryptoQuant analysts, average daily altcoin exchange deposits increased 22% from the fourth quarter of 2025, rising from 40,000 to 49,000. A move like that usually reflects declining confidence, and it often comes before sharper volatility in the market.
As Bitcoin’s own direction becomes less certain, capital is pulling back from higher-risk tokens first. Altcoins are taking that hit. CryptoQuant analysts said, “We typically see widespread altcoin distributions when market confidence is waning, and this often marks the beginning of more turbulent swings.”
Stablecoin buying power has fallen sharply
The liquidity picture has weakened on another front as well. Tether’s daily net inflows, which are often treated as a proxy for available buying power, reached $616 million in November 2025. In recent weeks, that figure fell to just $27 million. In late January, stablecoins also recorded a $469 million single-day withdrawal, showing that sidelined capital is shrinking rather than building.
The shift from strong inflows to net outflows suggests more than position trimming inside crypto. It points to capital leaving the ecosystem itself. With Bitcoin facing whale-led selling, altcoins seeing heavier exchange deposits, and stablecoin inflows drying up, the market’s liquidity cushion is thinning. Without fresh money coming in, downside vulnerability remains visible.