Major Bitcoin holders, including whales and dolphins, have stopped accumulating the cryptocurrency as demand weakens, according to analytics firm CryptoQuant.
This shift in investor behavior suggests a deteriorating holding structure. If large-scale buyers stop providing a foundation of support, the asset may become more susceptible to volatility and price drops.
CryptoQuant CEO Ki Young Ju said that the demand for spot Bitcoin is weakening. The firm noted that the recent market rally has relied more on futures and exchange-traded fund inflows than on direct buying from large holders.
Data indicates that Bitcoin whale balances have remained flat since February 2026 [3]. Similarly, accumulation by dolphins, mid-size holders, has been trending lower since September 2025 [4]. This lack of organic growth among high-net-worth investors points to a cooling interest in long-term holding.
These trends coincide with a decline in the asset's overall valuation. Bitcoin's market capitalization recently fell below $1.5 trillion [1]. During this drawdown, the price of Bitcoin was approximately $72,000 [2].
The shift away from direct spot accumulation by whales suggests a change in market sentiment. While institutional tools like ETFs continue to drive some activity, the absence of aggressive buying from the largest individual and group holders indicates a lack of confidence in further immediate upside.
“Major Bitcoin holders, including whales and dolphins, have stopped accumulating the cryptocurrency”
The transition from spot accumulation by 'whales' to a reliance on ETF inflows and futures suggests that Bitcoin's price support is shifting from long-term holders to short-term financial instruments. This change in the holding structure may increase market fragility, as the asset is no longer being aggressively absorbed by the largest investors who typically provide price stability during downturns.
