The Bitcoin deposited on exchanges had reached around 60,000 BTC on February 6 as the price of the coin slipped near $60,000. That number has since fallen to around 23,000 BTC on average over the last seven days, the blockchain analytics firm indicated.
“This moderation suggests that the acute sell-off phase has eased, even as exchange flows remain elevated relative to prior months,” the report reads. “Lower exchange inflows put less selling pressure on prices.”
While the inflows are declining from their early-month levels, their makeup has shifted to favor large depositors. CryptoQuant’s “Exchange Whale Ratio,” which compares the top 10 inflows to the entire influx of deposits, has reached 0.64—its highest mark since 2015.
“This indicates that 64% of all Bitcoin exchange inflows were made by the top 10 by volume, suggesting that large investors are selling,” the firm wrote.
Whales lining up to sell the top asset was a key theme of 2025, in which an “unprecedented amount” of coins changed hands, CryptoQuant analyst J.A. Maartun told Decrypt in December.
“I call this the 'great redistribution,' during which Bitcoin held by long-term holders has been transferred to new owners in several waves,” Maartun said at the time.
BTC climbed to $126,080 in October, creating a new all-time high mark. But since that time, it’s fallen 46% to recently change hands at $67,582.
“Crypto price rallies are often accompanied by increasing stablecoin exchange deposits,” the firm wrote.
