Whales and dolphins collectively lie flat; this script was seen in March 2022, a familiar chill.

According to The Block, CryptoQuant Moreno pointed out that Bitcoin whale and dolphin holdings have stagnated, with demand remaining weak; whale balances have decreased at the fastest rate of the year year-over-year, dolphins' growth has slowed, and monthly increases are close to zero. Long-term holder supply has reached a record high but is not a bullish signal, as short-term demand is insufficient to absorb it. Short-term holder supply has decreased to about 4.2 million since December 2025, with approximately 900k transitioning to long-term holdings from Coinbase. The market situation is similar to the bear market of March 2022.