On-chain data shows the Bitcoin Exchange Whale Ratio has witnessed a sharp increase recently, indicating that large deposit transactions have gained dominance.
Bitcoin Exchange Whale Ratio Has Seen Its 30-Day SMA Value Hit 0.6
In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Bitcoin Exchange Whale Ratio. This on-chain indicator measures the ratio between the sum of the top 10 exchange inflows and the total exchange inflow.
The ten largest transactions going toward exchanges are generally representative of deposit activity from the whale entities, so the Exchange Whale Ratio essentially tells us about how the inflows from these giants compare with that of the entire market.
When the value of the metric is high, it means the whales make up for a large share of the exchange inflows. As one of the main reasons why investors deposit to these platforms is for selling-related purposes, this kind of trend can be a sign that big-money holders are potentially distributing.
On the other hand, the indicator having a low value suggests the whales are making up for a relatively healthy portion of the total market deposits, which can be either neutral or bullish for the cryptocurrency.
Now, here is the chart shared by Maartunn that shows the trend in the 30-day simple moving average (SMA) of the Bitcoin Exchange Whale Ratio over the past decade:
As displayed in the above graph, the 30-day SMA of the Bitcoin Exchange Whale Ratio floated around the 0.45 mark during 2025, suggesting whale-sized transactions were making up for less than 50% of the exchange deposit activity.
Recently, however, the indicator has witnessed a sharp increase. This surge arrived as BTC saw its leg down to $60,000 in early February, but the metric’s value hasn’t calmed down even as the asset has stabilized.
Today, the Bitcoin Exchange Whale Ratio has a value of 0.6, meaning that the ten largest deposit transactions alone add up to 60% of the exchange inflow volume. It now remains to be seen how the BTC price will develop in the near future, given this possible selling pressure being applied by the large hands.
In some other news, the Bitcoin Inter-exchange Flow Pulse (IFP) has just seen a trend flip, as the analyst has highlighted in another X post.
The IFP keeps track of the flows occurring between spot and derivatives exchanges. Earlier, this metric fell under its 90-day SMA and entered into a period of downtrend, implying speculative activity was declining.
From the chart, it’s visible that the IFP has recently turned back up and crossed beyond the 90-day, implying derivatives flows could be making a comeback.
BTC Price
At the time of writing, Bitcoin is floating around $68,400, up more than 4% in the last seven days.
