Large Bitcoin holders are shedding assets, matching patterns seen before the 2022 crypto downturn, CryptoQuant data shows.
Bitcoin whales, defined as holders of 1,000 to 10,000 BTC, are reducing their balances, according to crypto analytics data. The decline in holdings mirrors the 2022 bear market, when BTC fell from $47,450 to $15,742, a 67% drop.
Current whale and dolphin (100-1,000 BTC) accumulation has stalled, a trend historically linked to sustained price weakness. Bitcoin is now 42% below its October all-time high of $126,080, with year-over-year whale balance changes in negative territory.
The report notes that simultaneous inactivity among these cohorts typically signals reduced structural demand, often preceding further declines.