CryptoQuant: Whale Ratio on Exchanges Rises to 0.64, Major Holders Leading Selling Activity Summary

CryptoQuant reports that the Bitcoin market is currently in the mid-stage of a bear market, with large holders dominating deposit activities, and the whale ratio reaching its highest point. Although exchange deposits have decreased, they remain higher than in previous months, and stablecoin inflows have significantly declined, indicating weakened market buying power. Altcoins are facing selling pressure, and market volatility may increase.

According to a report by on-chain analysis firm CryptoQuant on February 22, the Bitcoin market is in the mid-stage of a bear market, with large Bitcoin holders leading exchange deposit activities. Data shows that the exchange whale ratio (the proportion of the top ten deposit amounts) has risen to 0.64, the highest level since October 2015, indicating that major holders are leading selling activities. Meanwhile, the average single deposit amount on Bitcoin exchanges in February rose to 1.58 BTC, the highest since June 2022, which was also the mid-point of the last bear market.

Despite this, CryptoQuant notes that after reaching a peak of 60,000 BTC on February 6, the overall exchange deposit volume has decreased to an average of about 23,000 BTC over the past 7 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 dropped significantly. The daily net inflow of USDT plummeted from a high of $615 million in November 2025 to recent levels of $27 million, with a net outflow of $469 million on January 25, 2026. CryptoQuant points out that the reduction or negative net inflow of stablecoins indicates declining marginal market buying power.

Additionally, altcoins are also under widespread selling pressure, with the daily average deposit volume reaching approximately 49,000 transactions in 2026, a 22% increase from about 40,000 transactions 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. The outflow of stablecoins suggests limited market demand support. In the current bear market phase, these factors could intensify market volatility. #Gate广场发帖领五万美金红包