Bitcoin Whales Are Pulling Back as Activity 'Mirrors' 2022 Bear Market: Analysts
Major Bitcoin holders ("whales" with 1,000–10,000 BTC) have reduced their holdings over the past year, while accumulation by "dolphins" (100–1,000 BTC) has slowed, mirroring patterns from the 2022 bear market. Both whale and dolphin cohorts have stopped adding Bitcoin, which historically signals further price weakness, as these groups provide key demand support. Conversely, Bitcoin held by long-term holders has reached a record high of 15.8 million BTC, but this is viewed as bearish, signaling few new market entrants and weak short-term demand. Bitcoin’s price has dropped about 42% from its October all-time high, recently trading near $73,536, and is down nearly 5% this week. Traders are increasingly bearish, with rising bets that Bitcoin will dip below $70,000 before the end of May.
