Bitcoin’s major holders halt buys as demand slows: CryptoQuant
CryptoQuant says large Bitcoin holders are slowing buys and the supply held at a loss is rising, a pattern that has often preceded weakness.
Intelligence analysis by GPT-5.4 Mini
CryptoQuant says Bitcoin’s biggest holder cohorts are no longer providing the same demand support, with whale balance growth turning negative and dolphin growth slowing sharply. The report frames the shift as a bearish setup that has historically come before extended price weakness.
Bitcoin has some very large owners, like giant fish in a school. When those big owners stop buying as much, the water gets less supportive for the price.
A report says those big holders are starting to slow down, and more coins are being held by people who bought at higher prices. That means many holders are stuck waiting for the price to climb back.
It is like a ladder with fewer people holding it up. If the strongest hands step back, the price can feel shakier until fresh buyers show up.
Analysis
Holder structure is weakening
CryptoQuant says Bitcoin’s holding structure is deteriorating across major cohorts. The firm says whale accounts holding 1,000 to 10,000 BTC have seen annual balance growth turn negative, marking the fastest contraction this year. Monthly growth has been flat since February, which CryptoQuant says looks more like mild distribution than accumulation.
Dolphins are slowing too
The report says “dolphins” - holders with 100 to 1,000 BTC - are still growing on an annual basis, but the pace has slowed sharply. Monthly balance growth is near zero for both whales and dolphins, and balances have printed lower highs since September 2025. CryptoQuant argues these cohorts have historically served as the main source of structural demand support in Bitcoin markets, so weakening behavior from them has often come before sustained price weakness.
Market backdrop and price risk
The article says this shift is happening as the broader crypto bear market deepens amid macroeconomic and geopolitical headwinds. CryptoQuant also says long-term holder supply has reached a record 15.8 million BTC, which it describes as a bearish configuration because it points to a lack of new entrants. HashKey Group researcher Tim Sun told Cointelegraph that the highest share of supply in unrealized loss had approached 50%, the highest level since the 2022 bear-market bottom. He suggested an absolute bottom could be around $40,000 to $45,000, though he called $55,000 to $60,000 a more realistic range if tensions between the US and Iran do not worsen and the Federal Reserve does not hike rates. Another analyst, Darkfost, said the current range-bound market leaves about 40% of BTC supply at a loss at around $73,700. The article’s overall message is cautious: major holders are no longer adding with the same force, and that weakens the case for immediate upside.
Key points
- CryptoQuant says Bitcoin whale balances are contracting at the fastest pace this year.
- Growth among 100-to-1,000 BTC holders has slowed sharply and is near flat on a monthly basis.
- The firm says these cohorts are the main source of structural demand support for Bitcoin.
- Long-term holder supply has hit a record 15.8 million BTC, which CryptoQuant reads as bearish.
- Analysts cited in the story see lower price ranges as possible if macro conditions worsen.
