Bitcoin deposits on centralized exchanges have decreased from recent peaks, signaling a potential easing of sell pressure on the cryptocurrency. On February 6th, daily deposits reached approximately 60,000 BTC, but this figure has since fallen to an average of around 23,000 BTC over the past seven days.
Despite this moderation, blockchain analytics firm CryptoQuant reports that the largest investors, known as whales, are continuing to offload their holdings. The "Exchange Whale Ratio," which tracks the proportion of inflows from the top 10 largest depositors, has hit its highest point since 2015 at 0.64. This indicates that 64% of all Bitcoin exchange inflows are now coming from these major players.
This trend of large investors selling was a significant factor in 2025, which saw an "unprecedented amount" of Bitcoin change hands. The price of Bitcoin has fallen 46% since reaching an all-time high above $126,000 in October, recently trading around $67,582.
Further analysis suggests that a near-term price rally may be unlikely. CryptoQuant's data points to diminishing "dry powder" or USDT available to purchase crypto assets, a factor that typically accompanies price rallies. Market sentiment also leans bearish, with a prediction market platform indicating a higher probability of Bitcoin falling to $55,000 rather than rebounding to $84,000.