Large Investors Dominate Bitcoin Exchange Inflows Amid Ongoing Bear Market

CryptoQuant, an on-chain analytics firm, has observed a significant trend in Bitcoin exchange inflows, driven largely by large investors. The 'whale ratio', which measures the proportion of inflows from top 10 depositors, has reached its highest level since October 2015.

The average Bitcoin exchange inflow rose to 1.58 BTC in February, the highest level since June 2022. Following a brief surge in exchange inflows after a market correction, total inflows have normalized and decreased by around 60% over the past week.

CryptoQuant also noted that altcoin deposits have increased by 22% from Q4 2025, while stablecoin flows have weakened. These factors suggest limited demand buffers and a market structure vulnerable to further volatility during the ongoing bear-market phase.