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

BlockBeats News, February 22nd. In the current bear market environment, inflows to Bitcoin exchanges are being led by large holders. Data shows that the whale ratio on exchanges has risen to 0.64, the highest level since October 2015, indicating that 64% of Bitcoin exchange inflows are from the top ten largest single deposit addresses, showing that large investors are driving the selling pressure.

At the same time, the average single Bitcoin exchange inflow in February has risen to 1.58 BTC, the highest level since the mid-term of the bear market in June 2022. However, after Bitcoin retraced to around $60,000 earlier this month, the total exchange inflow on February 6th surged to around 60,000 BTC (the highest since November 2024), before falling to a 7-day average of about 23,000 BTC, a 60% drop from the peak, indicating some relief in short-term panic selling, but the overall inflow level remains higher than the previous months.

On the altcoin side, selling pressure is also evident. Since 2026, the daily average number of altcoin deposits on exchanges is around 49,000 transactions, a 22% increase from around 40,000 transactions in the fourth quarter of 2025. CryptoQuant points out that high altcoin deposits usually signal increased volatility and reflect weak market confidence in non-Bitcoin assets.

In addition, stablecoin inflows have significantly declined. The daily net inflow of Tether (USDT) to exchanges has dropped from a high of $616 million in November 2025 to a recent level of about $27 million, and has turned net outflows multiple times, including a $469 million net outflow on January 25, 2026. The institution believes that the reduction in stablecoin inflows indicates a decrease in marginal buying pressure.

Overall, CryptoQuant believes that the current market structure shows characteristics such as: Bitcoin selling pressure concentrated on whale addresses, altcoin widely distributed, stablecoin liquidity contraction, indicating that in a prolonged bear market phase, the market's ability to absorb demand is limited, and prices face further volatility risks.