Bitcoin whale accumulation stalls as demand weakens

CryptoQuant reports Bitcoin whale and dolphin accumulation has stalled, with long-term holder supply at a record 15.8M BTC. Weak demand and few new buyers may signal further price weakness.

Recent CryptoQuant reports indicate a weakening in Bitcoin’s holding structure. Whale balances—wallets holding 1,000–10,000 BTC—are contracting at the fastest annual pace since 2026, echoing the 2022 bear market. Meanwhile, dolphin balances (100–1,000 BTC), typically held by ETFs and corporate treasuries, are still growing but at a much slower rate, with monthly growth nearly flat since September 2025. Long-term holder supply has reached a record 15.8 million BTC. However, this is interpreted as a sign of slower market turnover rather than increased conviction among holders. Short-term holder supply has dropped by about 2.2 million BTC since December. Both whale accumulation and ETF demand have stalled, shifting from accumulation to a neutral or slight distribution stance. These trends point to a lack of new buyers and weakening structural demand, which historically have preceded periods of sustained price weakness in the Bitcoin market.