Bitcoin's Whale Ratio Surges to Decade-High Amid Sharp Correction

Bitcoin's price has been on a rollercoaster ride in recent weeks, with a sharp correction in late February followed by a modest recovery. According to on-chain data from CryptoQuant, the Exchange Whale Ratio surged to 0.85 in late February, indicating that whales drove 85% of Bitcoin inflows to exchanges during this period.

This concentration of selling pressure may suggest that large holders are offloading their coins into weakness, but recent stabilization and positive ETF flows could signal a potential bottom for the market. As of March 5, Bitcoin was trading around $72,000-$73,000 after rebounding from sub-$66,000 levels.

The Exchange Whale Ratio is a key metric that tracks the share of total inflows coming from the 10 largest deposits. Historically, when this ratio exceeds 0.7-0.8, it has often been followed by short-term reversals. In this case, the ratio briefly exceeded 0.7 on the one-year chart before starting to pull back.