CryptoQuant: Exchange whale ratio has risen to 0.64, indicating that large holders are leading the selling activity.
PANews February 22 News, according to on-chain analysis firm CryptoQuant, the Bitcoin market is in the mid-stage of a bear market, with large Bitcoin holders dominating exchange deposit activity. Data shows that the exchange whale ratio (the proportion of the top ten depositors) has risen to 0.64, the highest level since October 2015, indicating that major holders are leading the selling activity. Meanwhile, the average single deposit amount on Bitcoin exchanges in February has increased to 1.58 BTC, the highest since June 2022, which was during the mid-phase of the previous bear market.
Despite this, CryptoQuant points out that the overall Bitcoin exchange deposit volume peaked at 60,000 BTC on February 6 and has since decreased to an average of about 23,000 BTC over seven days, suggesting a slowdown in the rapid sell-off phase. However, current exchange inflows remain higher than in previous months.
At the same time, stablecoin inflows have significantly declined. The daily net inflow of USDT dropped sharply from a high of $616 million in November 2025 to recent levels of $27 million, with a net outflow of $469 million on January 25, 2026. CryptoQuant notes that reduced or negative stablecoin inflows indicate diminishing marginal buying power in the market.
Additionally, altcoins are also facing widespread selling pressure, with the daily average deposit volume reaching approximately 49,000 transactions in 2026, up 22% from about 40,000 in Q4 2025. CryptoQuant believes that rising altcoin deposit volumes often signal weakening market confidence and may trigger greater volatility.
Overall, CryptoQuant states that selling pressure on Bitcoin is mainly concentrated among large holders, while altcoins are experiencing dispersed selling, and stablecoin outflows suggest limited market demand support. In the current bear market phase, these factors could intensify market volatility.
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