CryptoQuant: The slowdown of the "dolphin" balance indicates a cooling demand for BTC.
A new data slice from #CryptoQuant highlights one of the most telling indicators of current market weakness for #BTC - a sharp slowdown in the growth of the so-called Dolphin Balance. This group of addresses holds between 100 and 1,000 BTC: it includes large holders, ETF providers, corporate treasuries, and institutional structures that influence the trend over the medium term.
At the peak in mid-2025, dolphins were adding about 965 thousand BTC on an annual basis. Now the figure has dropped to 694 thousand BTC - a decline of more than 25%, and the trajectory has fallen below its trend for the first time in a long time. This indicates that one of the key sources of structural demand has entered a pause phase.
The slowdown in accumulation from this category is critical: dolphins have historically provided the foundational upward impulse by buying the dips and supporting the trend's resilience. But now the group is experiencing a balancing of accounts, and some institutions - including ETFs and treasury companies - have completely stopped purchases. In such conditions, the price loses important support and becomes more sensitive to liquidity reduction and any negative macroelectrical stimuli.
The market requires a resumption of stable capital inflow from these addresses to break the current bearish trend and establish itself in an upward structure. In the meantime, the decline in Dolphin Balance confirms: selling pressure is increasing, and large buyers are taking a wait-and-see position.
At the same time, it should be noted that according to #Santiment, a larger group, holders of 10 to 10,000 BTC, started accumulating positions in December. Since December 1, they have accumulated 47,584 BTC. For comparison, during the previous period, from October 12 to November 30, they sold 113,070 BTC.
