Bitcoin exchange activity is sending a cautious signal to the broader crypto market as large holders increase their presence on trading platforms. Recent on chain data shows that whales now account for 64 percent of total Bitcoin deposited to exchanges by volume, pushing the Exchange Whale Ratio to 0.64, the highest level recorded since October 2015. The shift suggests that a significant share of recent selling pressure is coming from large investors rather than retail participants.
Although total Bitcoin inflows to exchanges have declined from their early February peak, the structure of those inflows points to continued distribution by major holders. The average exchange deposit size rose to 1.58 Bitcoin in February, marking the largest average transaction size since June 2022, which was during the middle of the previous bear market cycle. Larger average deposit sizes typically indicate activity from entities holding substantial balances, reinforcing the view that whales are adjusting exposure during the current downturn.
On February 6, around 60,000 Bitcoin flowed into exchanges in a single day as prices slipped toward the 60,000 dollar range. Since then, the seven day moving average of daily inflows has dropped to approximately 23,000 Bitcoin, representing a decline of nearly 60 percent from that peak. While the reduction may suggest that the most aggressive phase of selling has eased, exchange inflows remain elevated compared with earlier months, keeping pressure on price stability.
Bitcoin is currently trading near 67,500 dollars after reaching an all time high of 126,080 dollars in October 2025. The asset has fallen roughly 46 percent from that peak. Some on chain models place the potential bear market floor around 55,000 dollars, a level close to Bitcoin’s realized price, which has historically acted as strong support during previous cycles.
Altcoins are also facing sustained selling activity. The average number of daily altcoin deposits to exchanges has climbed to around 49,000 so far in 2026, up 22 percent from the roughly 40,000 daily average recorded in the fourth quarter of 2025. Rising altcoin deposits often precede increased volatility and suggest that investors are reducing risk exposure beyond Bitcoin.
Stablecoin flows add another dimension to the market environment. Daily net USDT inflows into exchanges have fallen sharply from a one year peak of 616 million dollars in early November 2025 to just 27 million dollars in recent sessions. On January 25, 2026, stablecoin flows even turned negative, with a net outflow of 469 million dollars. Declining stablecoin reserves on exchanges indicate that less capital is readily available to buy digital assets at current price levels, limiting the market’s capacity to absorb further downside pressure.
