[CryptoQuant: Exchange Whale Ratio Rises to 0.64, Large Holders Leading Sell-Off Activity] According to a report by on-chain analytics firm CryptoQuant, the Bitcoin market is currently in the mid-stage of a bear market, with large Bitcoin holders dominating deposit activity on exchanges. Data shows that the exchange whale ratio (the proportion of the top 10 deposit volumes) has risen to 0.64, the highest level since October 2015, indicating that large holders are leading sell-off activity. Meanwhile, the average single deposit amount on Bitcoin exchanges in February rose to 1.58 BTC, the highest level since June 2022, which was the mid-stage of the previous bear market. Nevertheless, CryptoQuant pointed out that the total Bitcoin deposit volume on exchanges has declined to a 7-day average of approximately 23,000 BTC after peaking at 60,000 BTC on February 6, suggesting that the phase of sharp sell-offs has eased. However, the current inflow volume to exchanges remains higher than in previous months. At the same time, stablecoin inflows have significantly decreased. The daily average net inflow of USDT dropped sharply from a peak of $616 million in November 2025 to a recent $27 million, with a net outflow of $469 million recorded on January 25, 2026. CryptoQuant noted that the reduction or negative value of stablecoin inflows indicates a decline in marginal buying power in the market. Additionally, altcoins are also facing widespread selling pressure, with the daily average deposit volume in 2026 rising to approximately 49,000 transactions, a 22% increase compared to about 40,000 transactions in the fourth quarter of 2025. CryptoQuant believes that an increase in altcoin deposit volume typically signals weakened market confidence and could trigger greater volatility. In summary, CryptoQuant stated that Bitcoin's sell-off pressure is primarily concentrated among large holders, altcoins are experiencing decentralized sell-offs, and stablecoin outflows indicate limited market demand support. During the current bear market phase, these factors may exacerbate market volatility.