GugaOnChain2026-02-23

New Whales Lead the Race to Exchanges and Intensify Selling Pressure

In-depth data, including all metric breakdowns and visual trend analysis, is presented below. An executive summary of the on-chain panorama is available in the full infographic. In our previous analysis, we identified that whales dominate 70.41% of deposits and that old coins are returning to exchanges. Now, we go further: who, after all, is leading this race? With Bitcoin trading at $65.8K, on-chain data segmented between New Whales (recent buyers) and Old Whales (long-term holders) reveals opposing behaviors and exposes the true engine behind selling pressure. WHAT THE INDICATORS REVEAL ◾ Exchange Whale Ratio (70.41%): whales still dominate deposits, signaling intent to sell. ◾ Inflow New Whales (SMA7D): 138.348K BTC → leading 95% of current deposits. ◾ Inflow Old Whales (SMA7D): only 7.497K BTC → residual and stable participation. ◾ Exchange Reserve: 2.754 million BTC (+32,064 BTC / +1.18% since January). THE ENGINE BEHIND SELLING PRESSURE: 15% GLOBAL TARIFF The new 15% global tariff triggered risk-off sentiment: investors moved to gold, and Bitcoin lost the $65K support, dropping 4% to 5% in 24 hours. The move triggered mass liquidations of leveraged positions, totaling hundreds of millions of dollars. Macro fear forced stressed whales into a defensive move. CONCLUSION The race to exchanges is led by New Whales at a loss, not by Old Whales taking profit. The macro catalyst accelerated the exodus, and the current protagonism of New Whales reveals that selling pressure still has an active engine. With available supply expanding and immediate support at $60K, caution remains necessary — but the focus now is on monitoring whether this flow will cool down or maintain its strong pace.