Bitcoin Sell Pressure Is Easing, But Whales Keep Dumping on Exchanges: CryptoQuant
Decrypt
by Logan HitchcockFebruary 20, 2026
AI-Generated Deep Dive Summary
Bitcoin's sell pressure has slightly eased, but large institutional holders—known as "whales"—continue to dominate selling activity on exchanges, according to a report by CryptoQuant. While overall Bitcoin deposits on centralized exchanges have decreased from their peak of around 60,000 BTC on February 6, the largest investors remain active in selling their holdings. This behavior has contributed to Bitcoin's sharp decline since reaching an all-time high of over $126,000 in October last year, with the cryptocurrency now trading at approximately $67,582—a drop of nearly 46%.
The report highlights a significant shift in the composition of exchange inflows, with the "Exchange Whale Ratio" reaching its highest level since 2015. This metric, which measures the proportion of Bitcoin deposited by the top 10 largest holders relative to all deposits, now stands at 0.64. This indicates that large investors account for 64% of all Bitcoin inflows into exchanges, suggesting a persistent selling pressure from institutional players. CryptoQuant analyst J.A. Maartun referred to this phenomenon as the "great redistribution," where long-term holders are transferring their Bitcoin to new owners in waves.
Despite the easing of acute sell-off pressure, the cryptocurrency market's outlook remains challenging. CryptoQuant's analysis suggests that the "ultimate bear market bottom" for Bitcoin could be around $55,000, and the lack of available stablecoins (USDT) on exchanges further dampens the possibility of a near-term rally. Predictions from users on Myriad—a prediction market platform—align with this bearish sentiment, with a 57% chance that Bitcoin will drop to $55,000 before it can rebound to $84,000.
These developments are significant for crypto enthusiasts and investors, as they highlight the structural shifts in the market dynamics driven by institutional behavior. The dominance of whales in selling activity underscores the risks posed by large-scale liquidations and their potential impact on Bitcoin's price trajectory. As the cryptocurrency market continues to navigate uncertainty, understanding these trends is crucial for investors seeking to make informed decisions in a volatile environment.
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Originally published on Decrypt on 2/20/2026