Large Bitcoin holders, known as whales, are increasing their activity as the crypto market continues to struggle. According to blockchain analytics firm CryptoQuant, whale deposits on exchanges have reached their highest level in years.
The report shows that the exchange whale ratio has climbed to 0.64, the highest level since 2015. This means that 64% of Bitcoin deposits on exchanges are now coming from the biggest investors, suggesting whales may be preparing to sell.
At the same time, the average Bitcoin deposit size has risen to 1.58 BTC, the highest since the last bear market in 2022. Analysts say this is another sign that large holders are playing a major role in current market activity.
Earlier this month, Bitcoin inflows to exchanges surged to around 60,000 BTC in one day, showing heavy selling pressure. However, inflows have since dropped to about 23,000 BTC, which suggests the worst of the recent sell-off may be slowing down.
Altcoins are also facing pressure. The average number of daily altcoin deposits has increased by 22% in 2026, showing that investors may be selling riskier crypto assets faster than Bitcoin.
Meanwhile, buying power in the market appears to be weakening. Stablecoin inflows, especially Tether (USDT), have dropped sharply from $616 million per day in November 2025 to just $27 million recently, reducing liquidity available for new crypto purchases.
CryptoQuant warned that these trends could lead to more volatility. With whales leading deposits and stablecoin inflows falling, the market may remain weak until stronger demand returns.
Bitcoin is still holding above key levels, but analysts say whale behavior will play a major role in determining the market’s next move.
