Bitcoin (CRYPTO: BTC) whale accumulation is contracting at the fastest pace this year as CryptoQuant warns the setup mirrors March 2022 bear market conditions.

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.