Analysis: Bitcoin Bear Market Phase Dominated by Whale-led CEX Deposits, Stablecoin Inflows Plummet

February 22nd – In the current bear market, Bitcoin exchange inflows are being driven by large holders. Data shows the exchange whale ratio has climbed to 0.64—its highest level since October 2015—meaning 64% of Bitcoin inflows to exchanges come from the top 10 largest single deposit addresses. This signals big investors are fueling selling pressure. Meanwhile, February’s average single Bitcoin exchange inflow has risen to 1.58 BTC, the highest since the mid-2022 bear market. After Bitcoin pulled back to ~$60,000 earlier this month, total exchange inflows surged to ~60,000 BTC on February 6th (the highest since November 2024) before dropping to a 7-day average of ~23,000 BTC—a 60% decline from the peak. This suggests short-term panic selling has eased somewhat, but overall inflows still remain above prior months’ levels. On the altcoin front, selling pressure is also clear. Since 2026, daily average altcoin deposits to exchanges have hit ~49,000 transactions—up 22% from ~40,000 in Q4 2025. CryptoQuant notes high altcoin deposits typically signal increased volatility and reflect weak market confidence in non-Bitcoin assets. Additionally, stablecoin inflows have dropped sharply. Tether (USDT)’s daily net inflows to exchanges have fallen from a $616 million high in November 2025 to ~$27 million recently, and have turned net outflows multiple times—including a $469 million outflow on January 25, 2026. The firm says reduced stablecoin inflows indicate weaker marginal buying pressure. Overall, CryptoQuant argues the current market structure shows signs like concentrated Bitcoin selling pressure from whale addresses, widespread altcoin distribution, and contracting stablecoin liquidity. These point to limited demand absorption in a prolonged bear market, with prices facing further volatility risks.