Bitcoin holding structure continues to deteriorate as whale BTC balances contract while dolphin balances decelerate below trend, according to onchain analytics firm CryptoQuant.
Bitcoin whales' balances are contracting year-over-year at the fastest pace of this year, mirroring the 2022 bear phase, when whale accumulation first stalled before turning negative, CryptoQuant Head of Research Julio Moreno said in a report.
Meanwhile, dolphin balances continue to post positive annual growth but have decelerated sharply, Moreno said. He noted annual dolphin growth peaked at +0.97 million BTC in October 2025 and has since declined materially below trend, "confirming that the structural demand engine of this cycle is in a sustained slowdown."
CryptoQuant defines whales as wallets holding between 1,000 and 10,000 bitcoin, excluding exchanges and mining pools, "to isolate genuine investor behavior," while dolphins are wallets holding between 100 and 1,000 bitcoin, a group largely dominated by exchange-traded funds and corporate bitcoin treasury firms.
Monthly balance growth for both whales and dolphins is now close to zero simultaneously, according to the report. Dolphin monthly growth has been making lower highs since September 2025, while whale monthly growth has remained flat since February 2026. A prolonged flat reading indicates the largest non-exchange holders have moved from active accumulation to a "neutral-to-slight-distribution posture," Moreno said.
