TechFlow News: On May 29, Julio Moreno, Head of Research at CryptoQuant, stated that accumulation by Bitcoin whales and dolphins has stalled, reflecting persistently weak new demand and indicating that the current market structure resembles that of the 2022 bear market phase. According to the report, the year-on-year contraction rate of whale balances—defined as addresses holding 1,000–10,000 BTC—is the fastest this year; while dolphin balances—addresses holding 100–1,000 BTC—remain year-on-year positive, their growth has notably fallen below trend. Meanwhile, long-term holder supply has risen to 15.8 million BTC, whereas short-term holder supply has declined from 6.4 million BTC in December 2025 to approximately 4.2 million BTC.
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