Bitcoin Whale Deposits Hit Decade High as Bear Market Deepens, Says CryptoQuant


$BTC exchange inflows have dropped significantly from their early-February peak, but the composition of those inflows tells a more cautious story. Large holders, commonly referred to as whales, now account for 64% of all #Bitcoin exchange deposits by volume, pushing the Exchange Whale Ratio to 0.64, the highest reading since October 2015, according to on-chain analytics firm CryptoQuant.


The spike in total inflows came on Feb. 6, when roughly 60,000 $BTC entered exchanges in a single day as prices slipped toward $60,000. That figure has since pulled back to around 23,000 $BTC on a seven-day moving average, a roughly 60% decline. CryptoQuant described the pullback as a sign that the sharpest phase of the sell-off has passed, though exchange flows remain above levels recorded in prior months.


The average $BTC exchange inflow per transaction climbed to 1.58 $BTC in February, the highest since June 2022, which marked the middle of the previous #bear market cycle. That figure points to larger individual deposit sizes rather than a broad retail-driven exodus. #CryptoQuant noted the current pattern mirrors distribution behavior seen in past bear phases.


#Altcoins are also under sustained selling pressure across the board. The average daily number of altcoin exchange deposits has reached approximately 49,000 so far in 2026, up 22% from roughly 40,000 recorded in the fourth quarter of 2025. CryptoQuant said elevated altcoin deposit volumes typically precede heightened volatility and reflect weakening market confidence outside of $BTC specifically.


#Stablecoin data adds another layer to the bearish picture. Daily net $USDT inflows into exchanges fell from a one-year peak of $616 million on Nov. 5, 2025, to just $27 million recently.

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February 22, 2026 at 11:34 PM
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