Bitcoin Whales Flood Exchanges as Bear Market Liquidity Dries Up Fast in 2026

• Bitcoin whale ratio hits highest level since 2015
• Stablecoin inflows plunge sharply as exchange liquidity weakens
• Altcoin deposits rise 22 percent amid selling pressure

Bitcoin exchange activity is increasingly dominated by large holders as liquidity tightens across the market. Onchain analytics firm CryptoQuant reported that the exchange whale ratio has climbed to 0.64, its highest level since October 2015. This means 64 percent of total bitcoin inflows to exchanges now come from the top 10 deposits by volume.

Such concentration signals that major investors are responsible for a significant share of coins moving onto trading platforms. In addition, the average bitcoin exchange inflow reached 1.58 BTC in February. That marks the highest level since June 2022, which occurred during the previous bear market cycle.

Earlier this month, bitcoin corrected toward the $60,000 range. During that period, daily exchange inflows surged to nearly 60,000 BTC on Feb. 6. CryptoQuant noted that this was the highest daily inflow since November 2024. However, inflows have since declined to about 23,000 BTC on a seven day moving average. This reflects a drop of roughly 60 percent from the recent spike.

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Stablecoin Liquidity Falls as Altcoin Deposits Increase

Although aggregate bitcoin inflows have cooled from extreme levels, liquidity indicators remain weak. Daily net Tether inflows into exchanges have fallen sharply. They dropped from a one year high of $616 million in November 2025 to just $27 million recently. Net flows also turned negative at times, including a $469 million outflow on Jan. 25, 2026.

Declining stablecoin inflows point to reduced buying power within the market. Consequently, fewer funds appear available to absorb ongoing sell pressure. At the same time, altcoins continue to face elevated exchange activity. The average daily number of altcoin deposits has risen to around 49,000 in 2026. This figure stands 22% higher than the roughly 40,000 recorded in the fourth quarter of 2025.

Elevated altcoin deposits typically precede higher volatility and reflect weaker confidence outside bitcoin. Overall, the data shows that bitcoin selling pressure is increasingly concentrated among large holders. Furthermore, shrinking stablecoin inflows and rising altcoin deposits indicate limited demand buffers as the bear market continues. The combination of whale driven exchange inflows, broad altcoin distribution, and falling stablecoin liquidity underscores a market environment that remains under pressure in 2026.

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