Bitcoin’s major holders halt buys as demand slows: CryptoQuant
Bitcoin’s holding structure is weakening across major cohorts. Whale balances of 1,000–10,000 BTC have moved into annual contraction, with monthly growth flat since February, signaling a shift from accumulation to mild distribution. “Dolphin” holders of 100–1,000 BTC, including ETFs and corporate treasuries, are still growing year over year but growth has slowed sharply, with near-zero monthly balance growth and lower highs since September 2025. CryptoQuant says these trends often precede sustained price weakness because these cohorts provide key structural demand. Long-term holder supply has hit a record 15.8 million BTC, a bearish sign of weak new demand. Roughly 40% of BTC supply is currently held at a loss, and some analysts see a possible bottom in the $55,000–$60,000 range, with deeper downside possible if macro conditions worsen.
