PANews reported on May 29th, citing The Block, that Julio Moreno, Head of Research at CryptoQuant, stated that Bitcoin accumulation by whales (wallets holding 1,000 to 10,000 Bitcoins, excluding exchanges and mining pools) and dolphins (wallets holding 100 to 1,000 Bitcoins, primarily dominated by ETFs and corporate treasury companies) has stalled, with demand remaining weak. Whale balances have contracted at the fastest rate this year, while dolphin balances, although still showing a positive annual growth rate, have slowed significantly, with monthly growth rates approaching zero, indicating a continued slowdown in structural demand.

While the supply of long-term holders reached a record 15.8 million Bitcoins, this is not a bullish signal, but rather a reflection of weak short-term demand failing to absorb the tokens held by long-term holders. The supply of short-term holders has decreased from 6.4 million in December 2025 to approximately 4.2 million, with about 900,000 of these coming from Coinbase exchange reserves that were passively converted to long-term holdings due to holding periods exceeding 155 days. Moreno reiterated that the current market situation resembles the bear market pattern of March 2022.