Large bitcoin holders are driving exchange inflows to levels not seen in nearly a decade, according to new onchain data from CryptoQuant, signaling continued distribution activity as the market navigates a prolonged downturn.
The analytics firm reported that whales now account for 64 percent of total bitcoin deposits to exchanges by volume, pushing the Exchange Whale Ratio to 0.64. That marks the highest reading since October 2015. The metric tracks the proportion of the top ten inflows relative to total exchange inflows, offering insight into whether large entities are dominating deposit activity.
While total exchange inflows have declined from early February peaks, the composition of those flows has shifted toward larger transactions. The average bitcoin deposit per transaction rose to 1.58 BTC in February, the highest level since June 2022, which coincided with the middle phase of the previous bear market cycle. CryptoQuant said the pattern resembles distribution behavior observed during past downturns, when larger holders moved assets to exchanges amid weakening prices.
A notable spike occurred on February 6, when approximately 60000 BTC flowed into exchanges in a single day as prices slipped toward the 60000 dollar level. Since then, the seven day moving average of daily inflows has fallen to roughly 23000 BTC, representing a decline of about 60 percent. Despite the pullback, exchange flows remain elevated compared with prior months.
Altcoins are also experiencing sustained selling pressure. The average daily number of altcoin exchange deposits has reached around 49000 so far in 2026, up 22 percent from roughly 40000 recorded during the fourth quarter of 2025. Historically, rising altcoin deposit volumes have been associated with increased volatility and weaker market confidence outside bitcoin.
Stablecoin activity adds another dimension to the market outlook. Daily net USDT inflows into exchanges have fallen sharply from a one year peak of 616 million dollars in early November 2025 to about 27 million dollars recently. On January 25, flows turned negative, recording a net outflow of 469 million dollars. Analysts interpret shrinking stablecoin balances on exchanges as a reduction in available liquidity that could otherwise support buying pressure.
Bitcoin reached an all time high of 126080 dollars in October 2025 before declining roughly 46 percent to trade near the upper 60000 dollar range at the time of analysis. Separate modeling from CryptoQuant suggested a potential bear market bottom near 55000 dollars, aligning with bitcoin’s realized price, a metric that has historically acted as major support during previous cycles.
