Bitcoin Whale Exchange Ratio Climbs To Highest Level In 11 Years — Data

bitcoinistPublished on 2026-02-22Last updated on 2026-02-22

Abstract

Bitcoin's price has consolidated below $70,000, showing relative stability compared to its bear market start in February. However, on-chain data from CryptoQuant indicates potential downside risks. The Bitcoin exchange whale ratio has surged to 0.64, its highest level since 2015, signaling that large investors are responsible for a significant portion of recent exchange deposits. The average deposit size also reached a mid-2022 bear market high, reinforcing institutional selling pressure. Additionally, altcoin exchange deposits have risen, reflecting continued capital rotation out of riskier assets. Stablecoin outflows from exchanges have also declined sharply, reducing marginal buying power for BTC. Bitcoin currently trades around $67,580.

The price of Bitcoin has been stuck in a consolidation range below $70,000 so far this week, after spending most of the previous weekend above it. While the flagship cryptocurrency’s price movement has been largely — and painfully — sideways in recent weeks, this represents a notable improvement from how the month of February started.

The new month ushered in a fresh low just above the $61,000 level for Bitcoin, confirming the start of the bear market. Amidst the relative stability in recent weeks, a recent on-chain evaluation suggests that BTC and the broader cryptocurrency mark is still at risk of further downside volatility.

BTC’s Future In The Hands Of Large Investors: CryptoQuant

In the last bull cycle, the price action of Bitcoin was heavily influenced and impacted by the increased influx and activity of institutional investors (primarily through the spot exchange-traded funds). Similarly, it appears that the large investor cohort will still be at the wheel even during the bear market.

According to CryptoQuant’s latest market report, the Bitcoin exchange inflows — and the immediate selling pressure — have normalized since the capitulation spike in early February. This trend can be seen in the decline in exchange inflows from around 60,000 BTC at the start of the month to around 23,000 BTC now.

While the acute sell-off phase appears to be easing off, a troubling trend seems to be brewing among Bitcoin’s largest investors. In its market report, CryptoQuant highlighted that the BTC exchange whale ratio has climbed to 0.64, its highest level since 2015, suggesting that whale inflows account for a significant portion of the exchange deposits being seen.

Source: CryptoQuant

Meanwhile, the average BTC deposit size has also reached a level not seen since mid-2022, during the heat of the last bear market. This trend further reinforces the idea that institutional or large investors are behind the increasing exchange supply.

CryptoQuant noted that the altcoin market is still facing elevated distribution pressure, with the average daily number of altcoin exchange deposits rising from 40,000 in Q4 2025 to 49,000 in 2026. This continuous capital rotation out of riskier assets reflects weakened market confidence and increases the risk of downside volatility.

Source: CryptoQuant

Meanwhile, the ongoing flow of stablecoins out of exchanges points to a decline in marginal buying power (or “dry powder”) in the Bitcoin market. According to CryptoQuant data, net USDT flows into exchanges have fallen sharply from a one-year high of $616M in November 2025 to only $27M, turning negative at times (-$469M in late January).

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin stands at around $67,580, reflecting a mild 1% increase in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

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Related Questions

QWhat is the Bitcoin exchange whale ratio and what does its current level indicate?

AThe Bitcoin exchange whale ratio is a metric that measures the proportion of large investor (whale) inflows to total exchange deposits. According to CryptoQuant, it has climbed to 0.64, its highest level since 2015, indicating that whale deposits account for a significant portion of the current exchange inflows, which can signal potential selling pressure.

QHow has the average size of Bitcoin deposits changed, and what does this suggest about the market?

AThe average Bitcoin deposit size has reached a level not seen since mid-2022, during the peak of the last bear market. This trend reinforces the idea that institutional or large investors are behind the increasing supply of BTC on exchanges, which often precedes selling activity.

QWhat does the data show about the flow of stablecoins into cryptocurrency exchanges?

ANet USDT flows into exchanges have fallen sharply from a one-year high of $616 million in November 2025 to only $27 million, and even turned negative at times, such as -$469 million in late January. This indicates a significant decline in marginal buying power, or 'dry powder,' available in the market.

QWhat is the current trend for altcoin exchange deposits, and what does it imply?

AThe average daily number of altcoin exchange deposits has risen from 40,000 in Q4 2025 to 49,000 in 2026. This continuous capital rotation out of riskier assets like altcoins reflects weakened market confidence and increases the risk of further downside volatility.

QWhat was the price of Bitcoin at the time of writing, and how has it performed recently?

AAt the time of writing, the price of Bitcoin was around $67,580, reflecting a mild 1% increase over the past 24 hours. The price has been consolidating below $70,000 after a bear market that began with a fresh low just above $61,000 at the start of February.

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1.4k Total ViewsPublished 2025.05.13Updated 2025.05.13

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