Bitcoin prices have been stuck in a consolidating range below $70,000 so far this week, after spending much of last weekend above $70,000. The price movements of the leading cryptocurrencies have been wide and painfully flat in recent weeks, but this represents a marked improvement from the start of February.
The new month saw Bitcoin hit a new low just above the $61,000 level, confirming the beginning of a bear market. Despite relative stability in recent weeks, recent on-chain valuations suggest that BTC and the broader crypto mark remain at risk of further downside volatility.
BTC’s future lies in the hands of large-scale investors: CryptoQuant
During the last bullish cycle, Bitcoin price movements were heavily influenced by institutional investor inflows (mainly through spot ETFs) and increased activity. Similarly, large investor groups will continue to dominate in bear markets.
According to CryptoQuant’s latest market report, inflows to Bitcoin exchanges and immediate selling pressure have normalized since the capitulation spike in early February. This trend is evidenced by the decline in foreign exchange inflows from around 60,000 BTC at the beginning of the month to around 23,000 BTC currently.
While the steep decline appears to be easing, a troubling trend appears to be emerging among large Bitcoin investors. In a market report, CryptoQuant highlights that the BTC exchange whale ratio has risen to 0.64, its highest level since 2015, suggesting that whale inflows account for a significant portion of exchange deposits.
Source: CryptoQuant
Meanwhile, average BTC deposits have also reached levels not seen since mid-2022, during the height of the last bear market heat. This trend further strengthens the idea that institutional and large investors are behind the increase in exchange supply.
CryptoQuant noted that the altcoin market is still facing increasing 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 rotation of capital away from riskier assets reflects declining market confidence and increases the risk of downside volatility.
Source: CryptoQuant
Meanwhile, the continued outflow of stablecoins from exchanges indicates a decline in marginal purchasing power (or “dry powder”) in the Bitcoin market. According to CryptoQuant data, nETUSDT exchange inflows have plummeted from a one-year high of $616 million in November 2025 to just $27 million, at times turning negative (-$469 million in late January).
Ultimately, the combination of increased selling pressure from large Bitcoin holders, increased altcoin circulation, and stable stablecoin outflows suggests that the crypto market structure remains at risk of further downside.
Bitcoin price overview
As of this writing, Bitcoin’s price is around $67,580, reflecting a modest 1% increase over the past 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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