CryptoQuant: Whale Ratio Surges to 0.64 – Large Holders Lead Bitcoin Sell-Off Amid Bear Market
Coin Newsweek – February 22, 2026 – As the cryptocurrency market navigates through bearish territory, on-chain data reveals that large Bitcoin holders, often referred to as “whales,” are taking the lead in selling activity, according to a new report from analytics firm CryptoQuant.
The firm’s latest findings paint a picture of concentrated selling pressure at the top, while broader market indicators suggest weakening demand. The exchange whale ratio, which measures the proportion of deposits coming from the top ten holders, has climbed to 0.64 – the highest level recorded since October 2015. This metric historically signals that large investors are driving deposit activity onto trading platforms.
Further underscoring this trend, the average deposit size per transaction on Bitcoin exchanges rose to 1.58 BTC in February. This marks the highest value since June 2022, a period that coincided with the depths of the previous bear market cycle.
However, CryptoQuant notes that the intensity of the sell-off may be showing signs of moderation. Total Bitcoin deposits across exchanges peaked at 60,000 BTC on February 6 before retreating to a seven-day average of approximately 23,000 BTC. While this suggests the sharpest phase of distribution has eased, current inflow levels remain elevated compared to previous months, indicating continued pressure.
Perhaps more concerning for market bulls is the sharp decline in stablecoin inflows, a key proxy for fresh capital entering the crypto ecosystem. USDT’s average daily net inflow has plummeted dramatically from a high of $616 million in November 2025 to a mere $27 million recently. The downturn was punctuated by a significant net outflow of $469 million on January 25, 2026.
“Reduced or negative stablecoin inflows indicate a decline in marginal purchasing power in the market,” CryptoQuant analysts explain, suggesting that the fuel for a potential rebound is currently lacking.
The bearish sentiment is not confined to Bitcoin alone. Altcoins are experiencing widespread selling pressure, with average daily deposit volumes in 2026 rising to approximately 49,000 transactions. This represents a 22% increase from the roughly 40,000 daily transactions recorded in the fourth quarter of 2025. CryptoQuant interprets this uptick as a sign of “weakening market confidence,” which could potentially trigger greater volatility across the board.
Synthesizing the data, CryptoQuant offers a sobering assessment of the current market structure: Bitcoin’s selling pressure is primarily concentrated among large holders, altcoins are witnessing more decentralized distribution, and persistent stablecoin outflows signal limited fresh demand. In the current bear market environment, these converging factors could amplify price swings and extend the period of consolidation.
