Data on the chain shows that the ratio of Bitcoin Exchange Whale has witnessed a sharp increase in recent times, as large deposit transactions have become dominant.
The Bitcoin Shark exchange rate has reached its 30-day SMA value of 0.6.
In a new post on X, CryptoQuant community analyst Martunn talked about the recent trend of the ratio of Bitcoin Exchange Whale. This chain indicator measures the ratio between the sum of the top 10 exchange income and the total exchange income.
The ten largest transactions that take place on the exchanges are generally representative of the deposit activity of the whale entities, so the whale ratio basically tells us about how the imports from these giants compare to the entire market.
When the value of the metric is high, it means that sharks account for a large part of the currency’s import. As one of the main reasons investors deposit on these platforms is for purposes related to sales, this kind of trend can be an indication that the holders of large funds are likely to spread.
On the other hand, an indicator with a low value indicates that sharks make up a relatively healthy part of the total market deposits, which can be neutral or high for the cryptocurrency.
Now, here’s a chart shared by Maartunn that shows the trend of the 30-day simple moving average (SMA) of the Bitcoin Exchange Whale ratio over the past decade:
As shown in the chart above, the 30-day SMA of the Bitcoin exchange shark ratio during 2025 marked around 0.45, indicating that shark-sized transactions account for less than 50% of the exchange’s deposit activity.
However, in recent times this indicator has become very high. The rise came as BTC broke its $60,000 mark in early February, but the metric’s value hasn’t budged even as the asset stabilizes.
Today, the ratio of Bitcoin Exchange Whale has a value of 0.6, which means that the ten largest transactions of savings account for only up to 60% of the volume of currency imports. It remains to be seen how the price of BTC will develop in the near future, given this potential selling pressure from the big hand.
In some other news, the Bitcoin Inter-exchange Flow Pulse (IFP) just saw a trend reversal, as highlighted by an analyst in another X post.
The IFP tracks the flows between spot exchanges and derivatives. Earlier, this metric fell below its 90-day SMA and entered a bearish cycle, implying a reduction in speculative activity.
It can be seen from the chart that the IFP recently bounced back and crossed the 90-day mark, which means that the resulting trend may reverse.
BTC price
At the time of writing, Bitcoin is floating around $68,400, up more than 4% in the past seven days.
