- According to CryptoQuant, the accumulation of Bitcoin by “whales” and “dolphins” has stopped.
- The share of long-term holders of the flagship coin is a record high, amounting to 15,8 million BTC.
According to analytics firm CryptoQuant, the Bitcoin ownership structure continues to deteriorate, as large holders’ balances are shrinking and their monthly growth is now close to zero.
Analyst Julio Moreno noted that this year, the reserves of “whales” (those holding between 1,000 and 10,000 BTC) are declining at the fastest rate in history, just as they did during the 2022 bear market, when the accumulation of this class of investors first slowed and then disappeared.
Meanwhile, the balances of “dolphins” (who hold between 100 and 1,000 coins) continue to grow, but at a slower pace. In October 2025, their annual growth peaked at +0,97 million BTC, but has since declined significantly compared to the trend. According to Moreno, this “confirms that structural demand is steadily slowing in this cycle.”
Historically, when large and medium-sized investors hardly increase their investments in Bitcoin, which often leads to a decline in its value. And the fact that the share of long-term holders of the coin is at a record high of 15,8 million BTC should not be viewed as a bullish signal of accumulation, Moreno believes.
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