Bitcoin price has been stuck in a consolidation range below $70,000 so far this week, after spending most of last weekend above it. Although the price movement of the main cryptocurrency has been very – and painfully – sideways in recent weeks, this represents a significant development since the beginning of the month of February.
The new month brought a new low just above the $61,000 level in Bitcoin, confirming the beginning of a bear market. Amid relative stability in recent weeks, the latest on-chain testing suggests that BTC and the wider cryptocurrency landscape are still vulnerable to further volatility.
The Future of BTC in the Hands of Big Investors: CryptoQuant
In the last bull cycle, Bitcoin’s price action was heavily influenced and affected by increased inflows and activity by institutional investors (especially exchange-traded funds). Similarly, it seems that a large group of investors will still have the wheel even during a bear market.
According to CryptoQuant’s latest market report, Bitcoin exchange inflows – and immediate selling pressure – have normalized since the capitulation spike in early February. This trend can be seen in the drop in exchange revenue from around 60,000 BTC at the beginning of the month to around 23,000 BTC now.
While the sell-off phase appears to be slowing down, a worrying trend seems to be growing among large Bitcoin investors. In its market report, CryptoQuant highlighted that the BTC exchange whale ratio has risen to 0.64, the highest level since 2015, suggesting that whale inflows account for a significant portion of virtual exchange deposits.
Source: CryptoQuant
Meanwhile, the average BTC deposit size has also reached a level not seen since mid-2022, during the heat of the last bear market. This trend also reinforces the idea that institutional or large investors are responsible for the increase in exchange supply.
CryptoQuant noted that the altcoin market is still facing high distribution pressure, with the average daily number of altcoin exchange deposits increasing from 40,000 in Q4 2025 to 49,000 in 2026. This continued flow of capital from risky assets reflects weak market confidence and increases the risk of downside volatility.
![[20 February 2026] Reallocation of Exchange Flows: Whale Deposit Activity Grows Amid Stablecoin Revenue Decline](https://i0.wp.com/bucket.cryptoquant.com/research/vhKU3eAo_f9d6c7c031686bfd623832b4a9af0d3e55ed890a23e747cab76d866905521427.png?ssl=1)
Source: CryptoQuant
Meanwhile, the steady flow of stablecoins from exchanges points to a decline in marginal buying power (or “dry powder”) in the Bitcoin market. According to CryptoQuant data, nThe flow of USDT in trade has fallen sharply from a one-year high of $616M in November 2025 to only $27M, turning negative at times ($469M in late January).
Ultimately, the combination of increasing selling pressure from major Bitcoin holders, rising altcoin distribution, and consistent stablecoin outflows suggests that the crypto market structure remains vulnerable to further volatility.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin is around $67,580, which represents a slight increase of 1% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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