Bitcoin Sell Pressure Is Easing, But Whales Keep Dumping on Exchanges: CryptoQuant

February 21, 2026

in Web3

Reading Time: 3 mins read

In short

Bitcoin deposits on exchanges have dropped from their day by day peak of round 60,000 BTC on February 6.
But whereas promote strain is easing, the most important total depositors are the biggest holders, or whales.
The worth of Bitcoin is down 46% since peaking above $126,000 final October.

A significant inflow of Bitcoin deposits to centralized exchanges has slowed, lowering promote strain on crypto’s high asset by market cap. However the largest traders, or whales, have stored their foot on the fuel, in accordance with a brand new report from CryptoQuant.

The Bitcoin deposited on exchanges had reached round 60,000 BTC on February 6 as the worth of the coin slipped close to $60,000. That quantity has since fallen to round 23,000 BTC on common over the past seven days, the blockchain analytics agency indicated.

“This moderation means that the acute sell-off part has eased, at the same time as change flows stay elevated relative to prior months,” the report reads. “Decrease change inflows put much less promoting strain on costs.”

Whereas the inflows are declining from their early-month ranges, their make-up has shifted to favor giant depositors. CryptoQuant’s “Alternate Whale Ratio,” which compares the highest 10 inflows to your entire inflow of deposits, has reached 0.64—its highest mark since 2015.

“This means that 64% of all Bitcoin change inflows had been made by the highest 10 by quantity, suggesting that giant traders are promoting,” the agency wrote.

Whales lining as much as promote the highest asset was a key theme of 2025, wherein an “unprecedented quantity” of cash modified palms, CryptoQuant analyst J.A. Maartun advised Decrypt in December.

“I name this the ‘nice redistribution,’ throughout which Bitcoin held by long-term holders has been transferred to new homeowners in a number of waves,” Maartun mentioned on the time.

BTC climbed to $126,080 in October, creating a brand new all-time excessive mark. However since that point, it’s fallen 46% to just lately change palms at $67,582.

A near-term bounce may not be within the playing cards both. Earlier evaluation from CryptoQuant signifies the asset’s “final bear market backside” is round $55,000, and its change evaluation factors to diminishing “dry powder” or USDT available for purchase crypto belongings.

“Crypto worth rallies are sometimes accompanied by rising stablecoin change deposits,” the agency wrote.

Customers on Myriad—a prediction market platform operated by Decrypt’s mum or dad firm, Dastan—agree that Bitcoin’s subsequent huge transfer is down, at the moment penciling in a 57% probability that the worth of BTC falls to $55,000 before it may rebound to $84,000.