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Analysts from the on-chain platform CryptoQuant have indicated that in the current bear market, significant holders are becoming a primary factor exerting pressure on Bitcoin’s price by increasing the transfer of coins to centralized exchanges.
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According to their findings, the average deposit size on exchanges rose to 1.58 BTC in February. Such levels were last observed in June 2022.
“The Exchange Whale Ratio indicator has reached 0.64, the highest since October 2015. This indicates that 64% of all Bitcoin inflows to trading platforms come from the ten largest transactions,” explained CryptoQuant.
Nevertheless, despite the dominance of large players, the overall volume of BTC transfers to exchanges has stabilized following a recent wave of capitulation.
Selling pressure is also evident in the altcoin market. At the beginning of the month, the average daily number of coin deposits reached 49,000, which is 22% higher than in the fourth quarter of 2025.
Such trends often precede spikes in volatility and reflect a decline in investor confidence in less liquid assets. The altcoin sector continues to experience asset redistribution, while the outflow of stablecoins indicates a reduction in buyer reserves.
Overall, the cryptocurrency market remains vulnerable, which could lead to further volatility spikes amid ongoing stagnation. Analysts believe there are currently no signs of a reversal from the bear trend.
Earlier, Coinbase CEO Brian Armstrong stated that the current decline in Bitcoin is not related to economic factors or quantum risks, but rather to investor psychology.
