[Analysis] "Bitcoin inflows to exchanges: whale share hits a 10-year high…bear-market structure deepens"

An analysis suggests that Bitcoin (BTC) inflows to exchanges are increasingly concentrated among large holders. With the market remaining in a bearish phase, selling pressure is increasingly being driven by “whales.”

On the 21st (local time), The Block, citing a CryptoQuant report, said the Bitcoin Exchange Whale Ratio rose to 0.64, the highest level since October 2015. This means 64% of total exchange inflows came from the top 10 large deposit addresses. The average size of exchange inflows in February also reached 1.58 BTC, the highest level since June 2022, when the previous bear market was in full swing.

That said, overall exchange inflows appear to be partially normalizing after a recent spike. On Feb. 6, when Bitcoin pulled back to the $60,000 level earlier this month, daily exchange inflows were about 60,000 BTC, the largest since November 2024. Since then, the seven-day moving average has fallen to about 23,000 BTC, down roughly 60%. CryptoQuant assessed this by saying, “The phase of sharp capitulation has eased, but levels remain elevated versus the prior month.”

The altcoin market is facing even greater pressure. In 2026, the daily average number of exchange deposits for altcoins was about 49,000, up 22% from the fourth quarter of 2025 (about 40,000). CryptoQuant explained that “rising altcoin deposits typically precede heightened volatility and weakening confidence in assets other than Bitcoin.”

Stablecoin flows also point to diminishing buying power. Tether (USDT) daily net inflows plunged from $616 million on Nov. 2025 to around $27 million recently. On Jan. 25, 2026, there was also a net outflow of $469 million. The decline in stablecoin net inflows indicates that “dry powder” in the market is shrinking, according to the analysis.

CryptoQuant concluded: “Bitcoin selling pressure is concentrated among large holders, altcoins are seeing broad-based distribution, and slower stablecoin inflows have weakened the demand buffer,” adding that “the current bear-market structure leaves the environment vulnerable to a potential uptick in volatility.”