Bitcoin (CRYPTO: BTC) whale accumulation is contracting at the fastest pace this year as CryptoQuant warns the setup mirrors March 2022 bear market conditions.
Whale Balances Shrinking While Dolphin Growth Stalls
Whale balances—wallets holding 1,000 to 10,000 Bitcoin—are shrinking year-over-year at the steepest rate of this cycle, matching the 2022 bear phase when accumulation first stalled before turning negative.
Dolphin balances, dominated by ETFs and corporate treasury firms, continue growing annually but have decelerated sharply since peaking at 0.97 million Bitcoin in October 2025.
Monthly balance growth for both whales and dolphins now sits close to zero at the same time.
Moreover, dolphin monthly growth has been making lower highs since September 2025, while whale monthly growth has been flat since February 2026.
CryptoQuant Head of Research Julio Moreno describes …
