Large bitcoin (BTC) investors have slowed down their accumulation strategies during the current month according to data presented yesterday, May 28, 2026 by the analysis firm CryptoQuant. This joint inactivity has set off alarm bells, as it places the growth of their BTC holdings at the lowest levels detected so far this year.
The stagnation becomes evident when evaluating the dolphins, which are the addresses that guard between 100 and 1,000 BTC. According to reported CryptoQuant, “dolphin balances have recorded successively lower highs since September 2025.” The annual growth of this group peaked at 0.97 million BTC in October 2025 and fell below trend thereafter.
For their part, whales, entities that concentrate more than 1,000 BTC, show identical behavior. Its holdings “have remained stable since February 2026,” meaning its monthly growth is close to zero. In fact, whale balances They are contracting at an interannual speed that emulates the downward phase suffered during the year 2022says the firm.
The following graphs from the CryptoQuant firm illustrate the loss of dynamism in the wallets of the network’s large investors during the last year:
The supply in the hands of long-term investors (LTH) reached an all-time high of 15.8 million BTC. However, the analysis platform warns that “this is not a bullish signal.” The researchers explain that “the increase reflects the absence of new buyers: the supply of LTH grows when bitcoin does not change hands, meaning that short-term demand is insufficient to absorb the coins of long-term holders.”
In parallel, short-term investor holdings (STH) fell from 6.4 million BTC in December 2025 to 4.2 million today.
However, “approximately 900,000 BTC of this reduction is due to Coinbase reserves that have aged into long-term holdings.” This adjustment mechanically inflated the static supply, but “hides the absence of new buyers while the accumulation of whales and dolphins stagnates,” adds CryptoQuant.
This massive paralysis responds directly to a Structural weakening of demand in the spot market. The absence of new entrants and the lack of global macroeconomic incentives froze the flow of retail and corporate capital.
Institutional apathy slows down the price
Despite this severe paralysis, the bitcoin price has managed to maintain its composure. The signature Glassnode points out that “bitcoin continues to stabilize above $70,000, but the underlying market structure remains notably weak.” They add that inflows to US exchange-traded funds (ETFs) have decreased; in fact, they already accumulate nine consecutive days with exodus of capital, a factor that has reduced the price’s strength and in response to which they warn that “the $75,000 region continues to be a key level to monitor.”
From the perspective of technical analysis, trader Michaël van de Poppe agrees that the currency has not completed its correction period, as reported by CriptoNoticias. The specialist details that The asset rejected the $77,000 area and failed to break that level, accelerating the downward momentum. For Van de Poppe, the current price range represents “the latest stance of an important support zone.”
Historical data shows that when dolphins and whales stagnate simultaneously, the market often experiences a prolonged downtrend, CryptoQuant explains. For investors, this scenario implies that the bitcoin price temporarily lacks the institutional strength necessary to seek new highs. If the market loses current support, Van de Poppe warns that he would expect “the lower $60,000 to be tested for support.”
The resolution of this lethargy will depend on the speed with which new economic catalysts appear capable of reactivating traditional spot trading. As long as whales keep their wallets static and supply only ages for accounting reasons, intraday movements will remain exposed to the current fragility.