Major Bitcoin Movements: Whale Ratio Hits 0.6

Recent on-chain data reveals that the Bitcoin Exchange Whale Ratio has significantly risen, indicating that major deposit transactions are becoming more dominant. This indicator measures the proportion of Bitcoin inflows from large investors (whales) compared to total exchange inflows. As big-money holders move their assets, it raises questions about potential market impacts.

Key Takeaways

The Bitcoin Exchange Whale Ratio has spiked to 0.6, indicating 60% of exchange inflows are from the top ten transactions.
A high ratio suggests whale activity, which may indicate selling pressure in the market.
Bitcoin's price is currently around $68,400, marking a 4% increase over the past week.
The Bitcoin Inter-exchange Flow Pulse (IFP) has also shown positive trends, indicating a possible recovery in activity between exchanges.

Bitcoin Whales

Bitcoin Exchange Whale Ratio: Recent Trends

In a recent post on X, analyst Maartunn from CryptoQuant examined the latest developments in the Bitcoin Exchange Whale Ratio. This on-chain metric provides insights into the deposits made by large holders, measuring the ratio of the top 10 exchange inflows against total exchange inflows.

The transactions from the ten largest exchanges typically represent the activity of whale entities. Therefore, when the Whale Ratio is high, it implies that large holders contribute significantly to exchange inflows, often for selling-related purposes. This trend can be indicative of potential selling from these major investors.

Conversely, a lower Whale Ratio often suggests that whales account for a smaller share of market deposits, which may indicate a healthy or even bullish sentiment in the cryptocurrency space.

Bitcoin Exchange Whale Ratio

As shown in the graph above, the 30-day simple moving average (SMA) of the Bitcoin Exchange Whale Ratio was around 0.45 for most of 2025, indicating that whale transactions made up less than half of total exchange activity. Recently, however, this metric has surged, especially following Bitcoin's dip to $60,000 in early February. Notably, despite the stabilization of Bitcoin's price, the ratio remains elevated.

Currently, with the Whale Ratio at 0.6, the largest ten deposits account for 60% of exchange inflow volume. This trend raises questions about how Bitcoin’s price may evolve given the potential selling pressure from the whales.

Inter-Exchange Flow Pulse (IFP) Trends

In addition, the Bitcoin Inter-exchange Flow Pulse (IFP) has shown a change in trend, as noted by Maartunn in another post on X.

Bitcoin IFP

The IFP tracks the movement of Bitcoin between spot and derivatives exchanges. It had previously fallen below its 90-day SMA, indicating a downturn in speculative activity. However, recent data shows that the IFP has bounced back, crossing above the 90-day SMA, which suggests renewed interest in derivatives trading.

Current Bitcoin Price

As of now, Bitcoin is valued at approximately $68,400, representing a more than 4% rise over the past week.

Bitcoin Price Chart

The asset's price has retracted slightly from this week's peak, an observation that further enhances the market dynamics discussed above.