On-chain data shows that the whale ratio of Bitcoin exchanges has increased sharply recently, indicating that large deposit transactions are dominating.
Bitcoin exchange whale ratio, 30-day SMA reaches 0.6
In a new post on X, CryptoQuant community analyst Maartunn talks about the latest trends in Bitcoin exchange whale ratios. This on-chain metric measures the sum of top 10 exchange inflows and the ratio of total exchange inflows.
The top 10 largest trades directed to exchanges are typically representative of deposit activity from whale entities, so the exchange whale ratio essentially tells you how the inflows from these giants compare to the market-wide inflows.
A high value of the indicator means that whales account for the majority of foreign exchange inflows. This kind of trend could be a sign of large money holders potentially distributing their funds, as one of the main reasons investors deposit into these platforms is for sales-related purposes.
On the other hand, a low value of the indicator suggests that whales are compensating for a relatively healthy portion of total market deposits, which could be either neutral or bullish for cryptocurrencies.
Here, the chart shared by Maartunn shows the trend of the 30-day simple moving average (SMA) of the Bitcoin exchange whale ratio over the past 10 years.
As shown in the chart above, the 30-day SMA of the Bitcoin exchange whale ratio hovered around the 0.45 mark throughout 2025, suggesting that whale-sized trades accounted for less than 50% of exchange deposit activity.
However, recently this indicator has witnessed a sharp increase. This surge came as BTC fell to $60,000 in early February, but even as the asset stabilized, the index’s value has not calmed down.
Currently, the value of the Bitcoin exchange whale ratio is 0.6. This means that the top 10 deposit transactions alone can collectively account for up to 60% of the exchange’s inflows. It remains to be seen how the BTC price will fare in the near future, given the potential selling pressure from large investors.
In other news, Bitcoin Inter-Exchange Flow Pulse (IFP) has seen a trend reversal, as highlighted by the analyst in another X post.
IFP tracks flows that occur between spot exchanges and derivatives exchanges. Previously, the indicator had fallen below its 90-day SMA and was in a downtrend, suggesting a decline in speculative activity.
The chart shows that IFP has recently turned higher and is now over 90 days, suggesting that derivatives flows may return.
BTC price
At the time of writing, Bitcoin is hovering around $68,400, having risen more than 4% over the past seven days.
