Simply put
- Bitcoin deposits to exchanges have dropped from a high of about 60,000 BTC on February 6th.
- Despite a decrease in selling pressure, the largest depositors remain the big players, often referred to as whales.
- The price of Bitcoin has plummeted by 46% since it topped $126,000 last October.
Recent data indicates that Bitcoin deposits into centralized exchanges have slowed, which has lessened the selling pressure on the leading cryptocurrency by market cap. However, larger investors, known as whales, continue to remain active, as noted in a report by CryptoQuant.
Back on February 6, around 60,000 BTC were deposited on exchanges when Bitcoin’s price stood near $60,000. Current data shows that this weekly average has decreased to approximately 23,000 BTC, according to the analytics firm.
The report suggests that this decline indicates a reduction in the sharp downturn previously seen, although foreign exchange flows are still up compared to last month. “Less foreign exchange inflows could ease price selling pressure,” the report mentioned.
Interestingly, while overall capital inflows have tapered off, the makeup of these deposits appears skewed towards larger holders. CryptoQuant reported that the “exchange whale ratio” hit 0.64, the highest since 2015, suggesting that a significant portion of the inflows are coming from the top 10 depositors.
“This means that 64% of all inflows are from the biggest players,” the analytics company pointed out. “In terms of volume, it implies large investors are indeed selling.”
Whales cashing out was a notable trend in 2025, with a remarkable volume of coins changing hands, according to CryptoQuant analyst JA Martun.
“I dubbed this the ‘Great Redistribution,’ as long-term holders will gradually pass their Bitcoins to new owners,” Martun explained.
Bitcoin reached an impressive $126,080 in October, marking an all-time high, but it has since dropped 46%, now trading at around $67,582.
The prospect of a swift rebound seems unlikely at this point. Previous analyses from CryptoQuant indicate that the anticipated bear market bottom could hover around $55,000, and there appears to be limited liquidity available for purchasing cryptocurrencies.
The firm mentioned that rising cryptocurrency prices usually coincide with increases in stablecoin deposits to exchanges.
Users on the prediction platform Myriad, which is associated with Dastan, a parent company of Bitcoin, seem to agree that the next significant move is downward. They estimate a 57% likelihood that the price of Bitcoin could drop to $55,000 before it rallies back to $84,000.
