Dubai, UAE, February 24, 2026
As crypto markets recalibrate after heightened volatility, new data highlighted by CryptoQuant points to a cooling in overall Bitcoin exchange deposits, often interpreted as easing near-term sell-side pressure, while large holders continue to account for a significant share of remaining inflows.
According to the CryptoQuant update cited in recent market coverage, Bitcoin deposits to centralized exchanges peaked at roughly 60,000 BTC on February 6 and have since declined to around 23,000 BTC on a seven-day average, reflecting a moderation from early-month extremes.
However, while total inflows have softened, the composition has become more concentrated. CryptoQuant’s Exchange Whale Ratio, which compares the top 10 inflows to total exchange inflows, reportedly reached 0.64, indicating that the largest entities are responsible for a majority share of deposits to exchanges.
CryptoQuant analysts have framed the broader backdrop as a multi-wave transfer of supply from longer-term holders into new ownership, often described as a “redistribution” phase, unfolding as Bitcoin remains meaningfully below its prior peak above $126,000 and trades in a range that keeps investor positioning cautious.
In that same commentary, CryptoQuant has also pointed to a realized-price zone around $55,000 as a long-term reference level and noted that stablecoin exchange deposits, often viewed as potential “dry powder” during rallies, have cooled relative to prior periods of expansion.
As macro sentiment shifts and whale behavior remains a focal point for traders, market participants are increasingly monitoring on-chain signals beyond Bitcoin’s exchange flow, particularly early activity in utility-driven DeFi protocols where product delivery, mechanism design, and security posture can be evaluated directly on-chain.
Mutuum Finance: Utility-Focused DeFi Liquidity Markets
Mutuum Finance is an Ethereum-native lending and borrowing protocol that enables users to participate in on-chain credit markets without relying on centralized gatekeepers. Instead of submitting documents, waiting on approvals, or trusting an intermediary, users interact directly with smart contracts, making the experience permissionless, transparent, and verifiable on-chain.
At a high level, Mutuum Finance supports two primary use cases:
- Earn yield by supplying crypto assets to the protocol in a non-custodial way
- Access liquidity by borrowing against existing holdings, while keeping exposure to the underlying asset
Why Borrow Against Crypto Instead of Selling It?
The logic behind collateralized borrowing is simple: many crypto holders don’t want to close long-term positions just to raise cash. Rather than selling an asset they expect to appreciate, users can post it as collateral, borrow what they need, and keep their original exposure.
For example, an investor holding ETH who wants liquidity for a new opportunity doesn’t necessarily need to sell their ETH to fund it. With Mutuum Finance, they can deposit ETH as collateral, borrow a portion of its value (within protocol-defined limits), deploy the borrowed funds elsewhere, and later repay the loan to withdraw their ETH back to their wallet, staying positioned while unlocking capital.
Supplying: Passive Yield via mtTokens
On the supply side, users deposit assets into Mutuum Finance and receive mtTokens (such as mtUSDT) as on-chain deposit receipts. These mtTokens represent the user’s position and are designed to accumulate value over time as interest is generated within that market. When a user wants to exit, they redeem the mtTokens to receive the underlying asset plus accrued yield.
The rate a supplier earns is typically driven by real usage – i.e., how much borrowing demand there is for that pool – so returns can adjust dynamically while deposits remain managed programmatically through the protocol.
MUTM: Incentives Designed to Track Protocol Activity
MUTM sits at the center of Mutuum Finance’s value-distribution model. Project figures place MUTM at $0.04, with 19,000+ holders and $20M+ already committed. Dividends are structured around the protocol’s mtTokens (yield-bearing deposit receipts): participants who stake their mtTokens receive rewards paid in MUTM. A portion of protocol fees is allocated to acquire MUTM at the prevailing market price, and the purchased tokens are then distributed to mtToken stakers, creating a direct connection between protocol activity and participant rewards, while also generating recurring buy-side demand for MUTM through open-market purchases.
On the build side, Mutuum Finance has recently introduced V1 on the Sepolia testnet, opening the protocol to broader testing as it advances toward mainnet deployment. Prior to this milestone, the smart contracts underwent a security review by Halborn, a well-known Web3 auditing firm. With the initial version now live for testing, the focus shifts toward iterative improvements, upgrades, and readiness for launch on Ethereum.
While Bitcoin exchange-flow data continues to highlight whale influence on market structure, coverage of Mutuum Finance has pointed to notable, high-value on-chain participation occurring early in its lifecycle—including a reported single transaction of approximately $175,000, often cited as a signal that larger wallets are tracking technical milestones and mechanism design in emerging DeFi infrastructure.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk, including total loss of capital. Readers should conduct independent research and consult licensed advisors before making any financial decisions.
This publication is strictly informational and does not promote or solicit investment in any digital asset
All market analysis and token data are for informational purposes only and do not constitute financial advice. Readers should conduct independent research and consult licensed advisors before investing.
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