Bitcoin exchange deposits have dropped from a peak of around 60,000 BTC in early February to a recent seven-day average of 23,000 BTC, easing overall sell pressure. However, blockchain data reveals that the largest holders, or whales, now constitute a dominant majority of these inflows, with their selling activity at its highest level in nearly a decade. The price of Bitcoin has fallen 46% since its all-time high above $126,000 last October.
A major influx of Bitcoin deposits to centralized exchanges has slowed, reducing sell pressure on the asset. The daily deposits have fallen from around 60,000 BTC on February 6 to a recent seven-day average of around 23,000 BTC according to a new report from CryptoQuant.
The moderation suggests the acute sell-off phase has eased even as exchange flows remain elevated relative to prior months. Lower exchange inflows put less selling pressure on prices.
While total inflows are declining, their makeup has shifted to favor large depositors. CryptoQuant’s “Exchange Whale Ratio” has reached 0.64, its highest mark since 2015, indicating that 64% of all Bitcoin exchange inflows were made by the top 10 deposits by volume.
“This indicates that 64% of all Bitcoin exchange inflows were made by the top 10 by volume, suggesting that large investors are selling,” the firm wrote. Analyst J.A. Maartun previously described 2025 as a period of “great redistribution” where Bitcoin held by long-term holders was transferred to new owners.
Bitcoin climbed to $126,080 in October, creating a new all-time high. Since that time, it has fallen 46% to recently change hands at $67,582.
Previous analysis from CryptoQuant indicates the asset’s potential bear market bottom is around $55,000. The firm’s exchange analysis also points to diminishing stablecoin deposits, or “dry powder,” available to buy crypto assets.
“Crypto price rallies are often accompanied by increasing stablecoin exchange deposits,” the report stated. Users on a prediction market platform agree that Bitcoin’s next big move is down, currently penciling in a 57% chance that the price falls to $55,000 sooner than it rebounds to $84,000.
