CryptoQuant Highlights Bitcoin Buyer Shortage

Bitcoin supply by long-term holders hits record high, signaling demand shortage.

The supply of Bitcoin held by long-term holders has reached a record high of 15.8 million BTC. CryptoQuant noted that this is not indicative of a new accumulation phase but rather a sign of insufficient demand.

Bitcoin’s largest holders have stopped accumulating.

Dolphin balances have printed successive lower highs since Sept ’25, while whale balances have remained flat since Feb ’26.

Historically, when both cohorts stall simultaneously, sustained price weakness tends to follow. pic.twitter.com/YA5szi4BkO

— CryptoQuant.com (@cryptoquant_com) May 28, 2026

At the time of writing, the leading cryptocurrency is trading around $73,600, approximately 8% below its recent peak of $80,000.

Whale balances (from 1,000 BTC to 10,000 BTC) are decreasing at the fastest rate this year. The situation resembles the bear market of 2022, when active accumulation was followed by sales.

The growth rate of dolphin reserves (from 100 BTC to 1,000 BTC), which include ETFs and corporate treasuries, has also slowed sharply. In October 2025, the figure reached +970,000 BTC, but it has now fallen significantly below trend. According to experts, the main driver of demand in this cycle is losing strength.

The monthly growth of balances for both groups has approached zero. Whales have maintained a neutral position since February 2026, while dolphins have shown a consistent decline in activity since September 2025. Historically, such inactivity among large holders has preceded prolonged price declines.

At the same time, the volume of Bitcoin held by short-term holders has dropped from 6.4 million BTC to 4.2 million BTC. About 900,000 BTC of this volume are Coinbase reserves, which transitioned to long-term holding status after 155 days. This technically increased the supply metrics of holders but did not confirm the emergence of real market demand.

Additional metrics confirm the weakening demand. Glassnode recorded a decline in spot activity and a cooling of inflows into exchange-traded instruments.

On May 28, the price of the leading cryptocurrency fell to $72,804 amid escalating Middle East tensions.