CryptoQuant: Bitcoin large-scale holding addresses have stagnated, demand remains weak.

CoinFeed reported on May 29th, citing The Block, that Julio Moreno, Head of Research at CryptoQuant, stated that the accumulation of Bitcoin by whales (wallets holding 1,000 to 10,000 Bitcoins, excluding exchanges and mining pools) and dolphins (wallets holding 100 to 1,000 Bitcoins, primarily dominated by ETFs and corporate treasury companies) has stalled, with demand remaining weak. Whale balances have contracted at the fastest rate this year, while dolphin balances, although still showing a positive year-on-year growth rate, have slowed significantly, with monthly growth rates approaching zero, indicating a continued slowdown in the structural demand engine. While the supply from long-term holders reached a record 15.8 million Bitcoins, this is not a bullish signal, but rather a reflection of weak short-term demand failing to absorb the tokens held by long-term holders.