Bitcoin’s biggest buyers have stopped buying. CryptoQuant reported that whale balances have been flat since February 2026, while the so-called dolphin cohort, mid-sized holders with 100 to 1,000 BTC, has been posting successively lower balance highs since September 2025.
When both groups go quiet at the same time, history says it doesn’t end well for price.
## The accumulation engine has stalled
Whales, the entities holding the largest Bitcoin positions, had shown notable appetite in late 2025. CryptoQuant data indicated that Great Whales, those holding more than 10,000 BTC, increased their positions by 36,019 BTC during a brief accumulation burst in November 2025.
That momentum didn’t last. By February 2026, whale balances flatlined and haven’t budged since.
