CryptoQuant warns of rising volatility in bear market
Selling pressure in Bitcoin is increasingly concentrated among large holders, while outflows from stablecoins point to shrinking available capital for purchases, leaving the market more vulnerable to volatility during the current bearish phase, according to CryptoQuant.
Data published by CryptoQuant on Friday shows that the share of large investors on exchanges has risen to 0.64, the highest level since October 2015. This means that 64% of all Bitcoin inflows to exchanges came from the 10 largest depositors by volume. The firm noted that this suggests large investors are driving selling activity.
Exchange flows analysis. Source: CryptoQuant.
Additionally, the average Bitcoin inflow to exchanges in February climbed to 1.58 BTC, the highest level since June 2022 — the middle of the previous bear market.
Altcoins are also facing sustained selling pressure. The average daily number of altcoin deposits to exchanges has risen to around 49,000 since the beginning of 2026, up 22% from roughly 40,000 in the fourth quarter of 2025.
“High levels of altcoin deposits on exchanges typically precede heightened volatility and reflect weakening confidence in the market beyond Bitcoin,” CryptoQuant said.
Market optimism weakens
At the same time, stablecoin flows indicate declining buying power. Daily net inflows into Tether (USDT -0.01%) have dropped sharply from a yearly peak of $616 million in November 2025 to just $27 million recently. Net flows have even turned negative at times, including an outflow of $469 million on January 25, 2026. CryptoQuant noted that declining or negative stablecoin inflows signal reduced liquidity available on the sidelines for purchasing crypto assets.
As reported by The Block, following Bitcoin’s correction to around $60,000, total exchange inflows surged to approximately 60,000 BTC on February 6, marking the highest daily level since November 2024. However, inflows later declined to around 23,000 BTC on a seven-day moving average basis — a drop of about 60%.
This suggests that the acute phase of the sell-off has eased, although exchange inflows remain elevated compared to previous months.
As we wrote, Bitcoin consolidates near $68,000 amid rising whale activity
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