What did CryptoQuant report about Bitcoin whale activity?

CryptoQuant reported that Bitcoin whales holding between 1,000 and 10,000 BTC have stopped accumulating and are now showing negative annual balance growth. The firm said this is the fastest contraction recorded in 2026 and could signal weakening demand.

Why does Bitcoin whale accumulation matter?

Large holders, or whales, are often a major source of demand in Bitcoin markets. When whales stop buying or begin reducing holdings, it can weaken market support and increase the risk of price declines.

Why are analysts concerned about slowing demand from whales and dolphins?

CryptoQuant noted that monthly balance growth for both groups is close to zero. Historically, periods when major holder accumulation stalls have often been followed by extended periods of Bitcoin price weakness.

Is Bitcoin entering another bear market?

The report suggests current market conditions resemble aspects of the 2022 bear market, particularly the shift from accumulation to mild distribution. However, whether a full bear market develops will depend on macroeconomic conditions, investor sentiment and liquidity.

How much of Bitcoin's supply is currently underwater?

According to HashKey Group researcher Tim Sun, nearly 50% of Bitcoin's supply recently approached unrealised losses, the highest proportion since the 2022 market bottom. This means many investors are holding Bitcoin at prices above the current market value.

What price levels are analysts watching for Bitcoin?

Tim Sun suggested that a realistic downside range could be between $55,000 and $60,000 if broader economic conditions stabilise. He also noted that an extreme bear-market bottom could potentially fall into the $40,000 to $45,000 range.

What does the record long-term holder supply mean for Bitcoin?

Long-term holder supply has reached a record 15.8 million BTC. While this demonstrates strong conviction among existing holders, CryptoQuant views it as a bearish signal because it may indicate a lack of new buyers entering the market.

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Bitcoin whales halt buying as demand fades

Written by Liezl GambePublished May 29, 2026, 5:40 AM

Bitcoin's largest holders have largely stopped accumulating the cryptocurrency, with CryptoQuant reporting a deterioration in demand across key investor groups that has historically signalled sustained price weakness.

Annual balance growth among whale accounts holding between 1,000 and 10,000 Bitcoin has turned negative in the fastest contraction recorded this year, while monthly growth has remained flat since February.

“Historically, these periods preceded sustained price weakness, as these cohorts collectively represent the primary source of structural demand support in Bitcoin markets,”

CryptoQuant said in its report.

CryptoQuant also found that so-called dolphin investors holding between 100 and 1,000 Bitcoin, a group heavily represented by exchange-traded funds and corporate treasuries, continue to grow on an annual basis but at a significantly slower pace than before.

The firm said monthly balance growth across both whale and dolphin cohorts is now close to zero, reflecting a shift from accumulation to mild distribution similar to conditions seen during the 2022 bear market.

HashKey Group researcher Tim Sun said the proportion of Bitcoin supply held at an unrealised loss recently approached 50%, the highest level since the 2022 market bottom, adding that a realistic downside range could be between $55,000 and $60,000 if macroeconomic conditions stabilise.

CryptoQuant noted that long-term holder supply has reached a record 15.8 million Bitcoin, which it characterised as a bearish signal because it suggests a lack of new market participants entering the ecosystem.

At the time of reporting, Bitcoin price was $73,473.56.