Data from blockchain analytics firms CryptoQuant and Glassnode reveals a complex dynamic in Bitcoin markets, where broad sell pressure is easing but large holders, or 'whales,' continue to be significant net sellers. After a peak of roughly 60,000 BTC deposited to exchanges on February 6, daily inflows have moderated to a seven-day average of around 23,000 BTC. This decline suggests the most intense phase of the sell-off has passed.
However, the composition of these inflows has shifted dramatically toward large investors. CryptoQuant's 'Exchange Whale Ratio,' which measures the top 10 inflows against total deposits, has surged to 0.64, its highest level since 2015. This indicates that 64% of all Bitcoin flowing into exchanges is coming from just ten large transactions, signaling sustained selling pressure from whales.
This activity continues a theme from 2025, which CryptoQuant analyst J.A. Maartun termed the 'great redistribution.' During this period, an "unprecedented amount" of Bitcoin held by long-term holders was transferred to new owners in several waves.
Despite the ongoing whale selling, another cohort of large holders appears to be accumulating. Wallets holding between 1,000 and 10,000 BTC have rebuilt their reserves by 230,000 BTC over the past three months, bringing their total balance back to 3.09 million BTC—levels last seen before the market crash on October 10, 2025. Analyst 'Caueconomy' noted that 98,000 BTC of this accumulation occurred in just the past 30 days.
Exchange flow data presents a nuanced picture. Over the past 30 days, whale-related inflows to Binance hit a 14-month high of $8.24 billion. Simultaneously, Glassnode data shows gross exchange whale withdrawals averaging 3.5% of total exchange-held BTC supply, the strongest pace since late 2024. This suggests significant volumes of Bitcoin are being moved onto exchanges but are largely being offset by equally large withdrawals, leading to relatively stable net exchange balances.
Bitcoin's price context is stark. Since reaching an all-time high of $126,080 in October 2025, BTC has fallen 46%, recently trading around $67,582. Analysis from CryptoQuant points to a potential "ultimate bear market bottom" around $55,000, citing diminishing 'dry powder'—or USDT stablecoin liquidity available to buy crypto assets. This view is echoed on the prediction market platform Myriad, where users currently assign a 57% chance that BTC falls to $55,000 before it can rebound to $84,000.
