As the downward momentum in the cryptocurrency market slows down, major whales continue to sell Bitcoin.

A notable development is occurring regarding selling pressure in the crypto markets. According to the latest report from blockchain analytics firm CryptoQuant, while there is a clear slowdown in Bitcoin transfers to centralized exchanges, the selling trend among large investors continues unabated.

According to the company's data, on February 6th, when Bitcoin's price dropped to around $60,000, the amount of BTC deposited into centralized exchanges was approximately #BuyTheDipOrWaitNow? . The CryptoQuant report states, "This slowdown indicates that the acute selling wave has eased. Although inflows to exchanges remain higher compared to previous months, the downward selling pressure has decreased. Lower exchange inflows mean less selling pressure on prices."

Meanwhile, total inflows to exchanges have decreased, but there has been a significant change in the composition of these inflows. CryptoQuant’s "Exchange Whale Ratio," which is the ratio of the top 10 transfers to total inflows, reached 0.64, the highest level since 2015.

This ratio indicates that 64% of the total Bitcoin entering exchanges is from the top 10 investors. The company pointed out that this suggests larger investors are more active on the sell side.

CryptoQuant analyst J.A. Maartun previously described 2025 as a "major redistribution" process. According to Maartun, Bitcoin held by long-term investors is being transferred in waves to new investors. The analyst characterized this process as a "major redistribution."

The report also suggests that the short-term upside potential for Bitcoin appears limited. Previous analyses by CryptoQuant indicated that the "ultimate bear market bottom" for the asset is around $55,000.

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