Large Bitcoin (BTC) investors have slowed down their accumulation strategies this month, according to data published yesterday, May 28, 2026 by analytics firm CryptoQuant. This slowdown in joint activity is alarming as growth in BTC holdings in both countries is at the lowest level detected so far this year.
The stagnation becomes apparent when evaluating Dolphin, an address that protects between 100 and 1,000 BTC. As reported by CryptoQuant, “Dolphin balances have hit consecutive highs since September 2025.” Annual growth of this group It peaked at 970,000 BTC in October 2025, but fell below the trend after that..
On the other hand, whales, which are entities that concentrate more than 1,000 BTC, exhibit similar behavior. The company’s holdings have been “stable since February 2026.” This means that the monthly growth rate is close to zero. In fact, the whale’s balance is shrinking at a year-on-year rate that emulates the downturn experienced in 2022.says the company.
The following graph provided by CryptoQuant shows that the wallets of large investors in the network have lost their dynamism over the last year.
Supply into the hands of long-term investors (LTH) Reached all-time high of 15.8 million BTC. However, the analytics platform cautions that “this is not a bullish signal.” “This increase reflects the lack of new buyers; the lack of Bitcoin trading increases the supply of LTH, meaning there is insufficient short-term demand to absorb the coins of long-term holders,” the researchers explained.
In parallel, short-term investor holdings (STH) have decreased from 6.4 million BTC in December 2025 to 4.2 million BTC now.
However, “approximately 900,000 BTC of this decline is due to Coinbase reserves that have expired into long-term holdings.” This adjustment mechanically inflated static supply, but “while whales and dolphins accumulate stagnantly, it masks the absence of new buyers,” CryptoQuant added.
This massive paralysis Structural weakening of demand in the spot market. The absence of new entrants and global macroeconomic incentives froze retail and corporate capital flows.
Institutional indifference slows price increases
Despite this severe paralysis, Bitcoin prices have managed to remain calm. “While Bitcoin remains stable above $70,000, the underlying market structure remains significantly weak,” Glassnode said. They added that inflows into U.S. exchange-traded funds (ETFs) have declined. In fact, they have already seen nine consecutive days of capital outflows, which are a factor in weakening prices, leading them to warn that “the $75,000 area remains a key level to monitor.”
According to a report by CriptoNoticias, trader Michael van de Poppe from a technical analysis perspective agrees that the currency has not completed its correction period. Experts elaborate: The asset rejected the $77,000 area and failed to break out of that level, accelerating its 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 stall at the same time, the market often enters a long-term downward trend, Cryptoquant explains. For investors, this scenario means that Bitcoin price temporarily lacks the necessary organization to drive to new highs. If the market loses its current support, Van de Poppe warned, “the low $60,000s will test support.”
The end of this lethargy will depend on the speed with which new economic catalysts emerge that can reinvigorate traditional spot trading. As long as whales lock their wallets and continue to only supply for accounting reasons, intraday movements will continue to be exposed to their current vulnerabilities.
