Recent on-chain data reveals a sharp rise in the Bitcoin Exchange Whale Ratio, signaling that large deposit transactions are now dominating exchange inflows. The 30-day simple moving average (SMA) of this ratio has reached 0.6.
CryptoQuant analyst Maartunn highlighted this trend in a recent post. The Exchange Whale Ratio compares the sum of the top 10 exchange inflows to the total exchange inflow. Since the largest deposits typically come from whale entities, a high ratio suggests these major holders account for a significant portion of inflows. Given that deposits are often made for selling purposes, this can indicate potential distribution by large investors. Conversely, a lower ratio implies whale activity represents a healthier share of total deposits, which can be neutral or bullish for Bitcoin.
The chart shared by Maartunn shows the 30-day SMA of the ratio remained around 0.45 throughout 2025, meaning whale transactions made up less than half of exchange deposits. However, the ratio has surged recently, coinciding with Bitcoin’s drop to $60,000 in early February. Even as the price has stabilized, the metric has not retreated and now stands at 0.6. This means the ten largest deposit transactions alone constitute 60% of all exchange inflows, pointing to possible selling pressure from major holders.
In other news, Maartunn noted a trend reversal in the Bitcoin Inter-exchange Flow Pulse (IFP), which tracks flows between spot and derivatives exchanges. After falling below its 90-day SMA and entering a downtrend—indicating declining speculative activity—the IFP has now turned upward and crossed back above the 90-day SMA, suggesting a potential resurgence in derivatives trading.
As of now, Bitcoin is trading around $68,400, up over 4% in the past week.
Frequently Asked Questions
FAQs Bitcoin Whale Ratio Surge Major Investor Moves
Q1 What does exchange whale ratio mean
A The exchange whale ratio is a metric that tracks the proportion of large Bitcoin transactions that are being sent to cryptocurrency exchanges A high ratio suggests big investors are moving significant amounts of Bitcoin onto exchanges
Q2 Why is a surge to 06 significant
A A ratio of 06 is considered high It means that 60 of the large transactions in that period were deposits to exchanges This is often interpreted as a potential signal that major holders might be preparing to sell which can increase selling pressure and influence the market price
Q3 Are whales always selling when they send Bitcoin to an exchange
A Not always but its a strong possibility Exchanges are where you go to trade While whales might also move coins for custody reasons or to use exchangebased services a concentrated surge in deposits is widely seen as a precursor to selling
Q4 Whats the difference between a whale and a regular investor
A A whale is a term for an individual or entity that holds a very large amount of Bitcoinoften thousands of coins or more Their trades can move the market unlike regular retail investors
Q5 As a beginner should I be worried when this ratio spikes
A Its a cautionary signal not an automatic sell order It indicates increased potential for volatility or a price dip Beginners should see it as a reminder to stick to their longterm strategy avoid panic selling and never invest more than they can afford to lose
Q6 Where can I check the exchange whale ratio myself
A Several crypto analytics platforms track this such as CryptoQuant and Glassnode These sites provide charts and data for various onchain metrics including whale activity
Q7 Can this ratio be used to predict Bitcoins price