The supply of Bitcoin held by long-term holders has reached a historic high of 15.8 million BTC. CryptoQuant noted that this is not a sign of a new accumulation phase, but rather an indication of weak demand.
Bitcoin’s largest holders have stopped accumulating.
Dolphin balances have printed successive lower highs since Sept '25, while whale balances have remained flat since Feb '26.
Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow. pic.twitter.com/YA5szi4BkO
— CryptoQuant.com (@cryptoquant_com) May 28, 2026
As of this writing, the leading cryptocurrency is trading around $73,600, approximately 8% below its recent peak of $80,000.
Hourly chart of BTC/USDT on Binance. Source: TradingView.Whale balances (holding between 1,000 BTC and 10,000 BTC) are decreasing at the fastest rate this year. This situation resembles the bear market of 2022, where active accumulation turned into selling.
The growth rate of dolphin balances (holding between 100 BTC and 1,000 BTC), which include ETFs and corporate treasuries, has also sharply slowed. In October 2025, this metric reached +970,000 BTC, but has now dropped significantly below trend. Experts believe the main driver of demand in this cycle is losing momentum.
The monthly increase in balances for both groups has approached zero. Whales have maintained a neutral position since February 2026, while dolphins have shown a consistent decline in activity since September 2025. Historically, such inactivity among large holders has preceded prolonged price declines.
At the same time, the volume of Bitcoin held by short-term holders has fallen from 6.4 million BTC to 4.2 million BTC. Approximately 900,000 BTC of this volume are reserves from Coinbase that transitioned to long-term holding after 155 days. This technically increased the supply metrics for holders but did not confirm the emergence of real market demand.
Additional metrics confirm the weakening demand. Glassnode reported a decline in spot activity and a cooling of inflows into exchange instruments.
It’s worth noting that on May 28, the price of the leading cryptocurrency dropped to $72,804 amid escalating conflict in the Middle East.