CryptoQuant: The exchange's whale ratio has risen to 0.64, with large investors dominating selling activity.

PANews reported on February 22nd that, according to a report by on-chain analytics firm CryptoQuant, the Bitcoin market is currently in the middle of a bear market, with large Bitcoin holders dominating deposit activity on exchanges. Data shows that the whale ratio (the percentage of deposits made by the top ten holders) on exchanges has risen to 0.64, the highest level since October 2015, indicating that large holders are leading selling activity. Meanwhile, the average deposit size per transaction on Bitcoin exchanges rose to 1.58 BTC in February, the highest value since June 2022, which was the middle of the previous bear market.

Nevertheless, CryptoQuant points out that overall Bitcoin exchange deposits, after peaking at 60,000 BTC on February 6, have fallen to a 7-day average of about 23,000 BTC, indicating that the sharp sell-off phase has eased, but current exchange inflows are still higher than in previous months.

Meanwhile, stablecoin inflows have declined significantly. USDT's average daily net inflow has plummeted from a high of $616 million in November 2025 to a recent $27 million, even experiencing a net outflow of $469 million on January 25, 2026. CryptoQuant points out that reduced or negative stablecoin inflows indicate a decline in marginal purchasing power in the market.

In addition, altcoins are also facing widespread selling pressure, with the average daily deposit volume in 2026 rising to approximately 49,000 transactions, a 22% increase from approximately 40,000 transactions in the fourth quarter of 2025. CryptoQuant believes that the increase in altcoin deposits usually indicates weakening market confidence and may trigger greater volatility.

In summary, CryptoQuant states that Bitcoin's selling pressure is primarily concentrated among large holders, altcoins are experiencing decentralized selling, and stablecoin outflows indicate limited market demand. In the current bear market, these factors could exacerbate market volatility.