Bitcoin exchange inflows have cooled from their early February spike, but underlying data suggests that large holders are playing a dominant role in the current phase of the market. On chain indicators show that whales now account for 64 percent of total Bitcoin deposits to exchanges, pushing the Exchange Whale Ratio to 0.64. This marks the highest level recorded since October 2015 and signals that major holders are actively moving funds during a period of price weakness.
Although total inflows have declined from the sharp surge seen on February 6, when roughly 60,000 Bitcoin were sent to exchanges in a single day, activity remains elevated compared with previous months. The seven day moving average has since fallen to around 23,000 Bitcoin, a drop of about 60 percent from that peak. Even so, analysts note that the composition of deposits matters more than the headline number. The average Bitcoin deposit size climbed to 1.58 Bitcoin in February, the highest level since June 2022, which was the midpoint of the previous bear cycle. This pattern points to larger transactions rather than widespread retail selling.
Bitcoin reached a record high of 126,080 dollars in October 2025 before retreating nearly 46 percent to trade near 67,582 dollars at the time of reporting. Historical data suggests that realized price levels often act as strong support zones during extended downturns. Current projections place a potential bear market floor near 55,000 dollars, aligning with long term cost basis metrics observed in past cycles.
Altcoins are also facing sustained distribution. The average daily number of altcoin deposits to exchanges has risen to approximately 49,000 so far in 2026, up 22 percent from the fourth quarter of 2025. Elevated altcoin inflows typically signal rising volatility and weakening confidence across the broader digital asset market, particularly when liquidity conditions are tightening.
Stablecoin flows add another layer of caution. Daily net inflows of USDT into exchanges have dropped sharply from a one year high of 616 million dollars in early November 2025 to just 27 million dollars recently. At one point in late January, net flows even turned negative, with a 469 million dollar outflow recorded. Shrinking stablecoin reserves on exchanges suggest that less capital is immediately available to absorb selling pressure or fuel a recovery rally.
Taken together, concentrated whale activity, rising altcoin deposits, and declining stablecoin liquidity indicate a market still adjusting to risk reduction. While the pace of selling may have eased compared with early February, current metrics show that institutional and large holder positioning continues to shape Bitcoin’s trajectory in this deepening correction phase.
