CryptoQuant reports Bitcoin whale balances have been flat since February 2026 while dolphin accumulation trends lower since September 2025, signaling weakening demand.

Current Bitcoin whale activity is similar in nature to the last bear market in 2022 when BTC fell precipitously, according to on-chain data.

Bitcoin holding structure continues to deteriorate as whale and dolphin BTC balances have stalled, CryptoQuant said.