Bitcoin supply held by long-term holders reaches 15.8 million BTC, indicating weak demand and potential price declines ahead.
Bitcoin's supply held by long-term holders has surged to a record 15.8 million BTC, signaling potential demand weakness rather than a new accumulation phase, according to CryptoQuant.
Bitcoin’s largest holders have stopped accumulating.
Dolphin balances have printed successive lower highs since September 2025, while whale balances have remained flat since February 2026.
Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow.
— CryptoQuant.com (@cryptoquant_com) May 28, 2026
Currently, Bitcoin is trading around $73,600, down about 8% from its recent peak of $80,000.
Whale holdings, which consist of addresses holding between 1,000 and 10,000 BTC, are declining at an accelerated pace, resembling patterns observed during the 2022 bear market when accumulation shifted to selling. Meanwhile, dolphin balances (100 to 1,000 BTC) have sharply decreased from a peak of 970,000 BTC in October 2025.
The monthly growth in balances for both whales and dolphins has nearly flattened, with whales maintaining a neutral stance since February 2026 and dolphins showing a consistent decline since September 2025. This inactivity among major holders often precedes extended price declines.
In contrast, the volume of Bitcoin held by short-term holders has dropped from 6.4 million BTC to 4.2 million BTC, partly due to 900,000 BTC from Coinbase transitioning to long-term holding after 155 days. This shift has inflated supply metrics but does not indicate genuine market demand.
Further indicators of declining demand include a reduction in spot trading activity and lower inflows into exchange instruments, as reported by Glassnode. On May 28, Bitcoin's price fell to $72,804 amid rising geopolitical tensions in the Middle East.
