BTC▼$63,126.00 price may face pressure as whales and dolphins, two large holder groups tracked by CryptoQuant, have stopped buying at the same time.
Bitcoin whales have stopped adding coins, raising the risk of sustained price weakness if fresh demand doesn’t return, analysts warn.
CryptoQuant, an on-chain analytics firm, said in a May 28 report that balances held by whales, wallets with 1,000 to 10,000 BTC, and dolphins, wallets with 100 to 1,000 BTC, are no longer growing in a meaningful way.
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According to the company, dolphin balance highs are forming lower tops from September 2025 onwards, while the whale balance growth remains constant since February 2026, which is a configuration that is normally followed by poor Bitcoin performance.
As of press time, Bitcoin is trading below the $74,000 mark at about $73,700, up just only 0.7% on the day, per CoinGecko data.
No New Demand for Higher BTC Price
Meanwhile, long-term Bitcoin holder supply has hit an all-time high level of 15.8 million BTC, although CryptoQuant claims that “this is not a bullish signal.”
The thing is that the metric goes up in case coins don’t move for a prolonged period of time, meaning that supply of BTC could also be lower because buyers aren’t coming anymore.
Regarding supply of short-term Bitcoin holders, the indicator fell from 6.4 million BTC in December 2025 to about 4.2 million BTC by press time. About 900,000 BTC of the drop was related to Coinbase exchange supply moving into long-term positions, the report adds.
CryptoQuant warns that Bitcoin has mostly been accumulating as it isn’t purchased actively by whale addresses while dolphin positions are declining, meaning there’re no buyers left but for newcomers to the crypto market.
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