CryptoQuant: Bitcoin whale and dolphin holdings growth stalls amid persistently weak market demand

Julio Moreno, Head of Research at CryptoQuant, stated that the accumulation of Bitcoin holdings by whales and dolphins has stalled, reflecting persistently weak new demand and indicating that the current market structure resembles the bearish phase of 2022. According to the report, the year-on-year contraction rate of balances held by whales (those holding 1,000–10,000 BTC) is the fastest this year; while balances held by dolphins (those holding 100–1,000 BTC) remain year-on-year positive, they have fallen significantly below trend. Meanwhile, long-term holder supply has risen to 15.8 million BTC, whereas short-term holder supply has declined from 6.4 million BTC in December 2025 to approximately 4.2 million BTC.