CryptoQuant Warns Bitcoin Holdings Structure Is Weakening as Whale and ETF Buying Slows
Bitcoin has long relied on large holders and fresh capital to support demand. On-chain analytics firm CryptoQuant treats whales and so-called “dolphin” accounts, including ETFs and companies, as demand indicators. If these groups stop accumulating, even a record supply held by long-term investors could signal a shift from accumulation to distribution, weakening market support.
CryptoQuant’s latest report said the annual growth rate of whale holdings has turned negative, while growth among dolphins—primarily spot ETFs and companies—has also slowed markedly, indicating that new investors have yet to take over as buyers. The available event data did not disclose the report’s date, net ETF flows or the amount of holdings sold. The confirmed key signal is that buying by both major groups is cooling at the same time.
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2 original reportsThe Backstory
The history behind this eventCrypto Whales Accelerate Accumulation as Bear Market Matures
CryptoQuant tracks large-holder balances and realized price — the average cost basis implied by when tokens last moved — to gauge where digital-asset cycles stand. Whale accumulation during a decline matters because it shifts supply from smaller sellers to investors viewed as more willing to hold, potentially tightening the tradable float once demand returns. The signal is constructive, but it does not establish that a market bottom is in; concentration also leaves prices exposed to the actions of fewer, larger holders.
In an Aug. 5 report, CryptoQuant said bitcoin whale balances, excluding exchanges, miners, ETFs and digital-asset treasury companies, rose to about 3.06 million BTC from 2.87 million in December 2025. Wallets holding 10,000 to 100,000 ETH increased their combined balance to a record 19.6 million ETH from about 14 million in mid-2025, while XRP remained in a $1.00-$1.20 range. Bitcoin traded near $64,640 against a $52,900 realized price, and ether near $1,900 versus a $2,450 realized price. CryptoQuant called the setup consistent with a late-stage bear market, while warning of another leg lower.
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