A major influx of Bitcoin deposits to centralized exchanges has slowed, reducing sell pressure on crypto’s top asset by market cap. But the largest investors, or whales, have kept their foot on the gas, according to a new report from CryptoQuant.

The Bitcoin deposited on exchanges had reached around 60,000 BTC on February 6 as the price of the coin slipped near $60,000. That number has since fallen to around 23,000 BTC on average over the last seven days, the blockchain analytics firm indicated.

“This moderation suggests that the acute sell-off phase has eased, even as exchange flows remain elevated relative to prior months,” the report reads. “Lower exchange inflows put less selling pressure on prices.”

While the inflows are declining from their early-month levels, their makeup has shifted to favor large depositors. CryptoQuant’s “Exchange Whale Ratio,” which compares the top 10 inflows to the entire influx of deposits, has reached 0.64—its highest mark since 2015. 

“This indicates that 64% of all Bitcoin exchange inflows were made by the top 10 by volume, suggesting that large investors are selling,” the firm wrote. 

Whales lining up to sell the top asset was a key theme of 2025, in which an “unprecedented amount” of coins changed hands, CryptoQuant analyst J.A. Maartun told Decrypt in December. 

“I call this the 'great redistribution,' during which Bitcoin held by long-term holders has been transferred to new owners in several waves,” Maartun said at the time.

Bitcoin Is Down Bad, But Hasn't Yet Hit Its 'Ultimate Bear Market Bottom': Analysts

BTC climbed to $126,080 in October, creating a new all-time high mark. But since that time, it’s fallen 46% to recently change hands at $67,582. 

A near-term jump might not be in the cards either. Previous analysis from CryptoQuant indicates the asset’s "ultimate bear market bottom” is around $55,000, and its exchange analysis points to diminishing “dry powder” or USDT available to buy crypto assets. 

“Crypto price rallies are often accompanied by increasing stablecoin exchange deposits,” the firm wrote.

Users on Myriad—a prediction market platform operated by Decrypt's parent company, Dastan—agree that Bitcoin's next big move is down, currently penciling in a 57% chance that the price of BTC falls to $55,000 sooner than it can rebound to $84,000.