- Bitcoin long-term holder supply hit 15.8M BTC as fewer coins moved between market participants.
- Bitcoin held above $73K, but on-chain data showed limited participation from new buyers.
- Whale and ETF-linked wallet growth slowed sharply, pointing to weaker institutional demand.
Bitcoin continues to trade above $73,000, with new data suggesting the market may be relying more on existing holders than on new buyers. While long-term holder supply has reached a record high, CryptoQuant notes that the move could signal slowing market participation rather than strengthening demand.
According to CryptoQuant, approximately 15.8 million BTC is now classified as long-term holder supply, marking the highest level recorded. Traditionally, rising long-term holder balances have been viewed as a positive signal because they indicate that investors are keeping coins off the market for extended periods.
However, the analytics firm argues that the latest increase tells a different story. Rather than reflecting a surge in accumulation, the growth appears to be linked to a decline in trading activity and a slower exchange of coins between market participants.
CryptoQuant reported that short-term holder supply has declined by around 2.2 million BTC since December. About 900,000 BTC of that reduction came from Coinbase-held coins aging beyond the 155-day mark used to classify long-term holders.
Institutional Demand Indicators Show Signs of Slowing
Data cited by CryptoQuant points to weaker accumulation among larger market participants. Wallets holding between 1,000 and 10,000 BTC, often classified as whales, are experiencing the fastest year-over-year balance contraction recorded in 2026. Monthly balance growth for this group has remained near zero since February.
The report also highlighted slowing growth among wallets holding between 100 and 1,000 BTC, commonly referred to as dolphins. This category includes many spot Bitcoin ETF-related holdings and corporate treasury buyers.
Annual balance growth in the segment has declined after peaking at 970,000 BTC in October 2025, a period that coincided with $3.4 billion in monthly ETF inflows.
Additional Metrics Point to Limited Participation
Other market indicators appear to support the same trend. Glassnode recently reported weaker spot market demand and lower ETF inflows than in earlier periods. The firm’s Realized Profit/Loss Ratio currently stands at 1.56, below the range associated with stronger phases of sustained market expansion.
At the time of reporting, Bitcoin was trading at $73,664.15, up 0.77% over the previous 24 hours. The trading volume stood at approximately $31.8 billion, while the cryptocurrency recorded a market capitalization of about $1.48 trillion.
Related: Bitcoin Drops Below $77K as Traders Turn Defensive
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
