According to a recent report by the analytical platform CryptoQuant, a significant decline in demand among large investors is being observed in the Bitcoin market. The annual balance growth in the accounts of "whales" holding between 1,000 and 10,000 Bitcoin (BTC) has turned negative at the fastest rate this year. Monthly growth has almost stalled since February, indicating that a distribution process has begun rather than accumulation. This is reported by Cointelegraph.com reports.
Growth rates have also slowed sharply among the "dolphins" group—holders of 100 to 1,000 BTC, which includes ETFs and corporate treasuries. CryptoQuant analysts note that historically, such periods have preceded long-term price weakness, as these groups are the primary source of structural demand in the Bitcoin market.
Against the backdrop of macroeconomic and geopolitical uncertainty, the downward trend in the crypto market is deepening. Although the supply held by long-term holders has reached a record 15.8 million BTC, this is being interpreted as a "bearish" signal indicating a lack of new market participants. Currently, nearly 40% of the total Bitcoin supply is held by investors at a loss.
According to HashKey Group researcher Tim Sun, the Bitcoin price could find its real bottom in the range of 55,000 to 60,000 USD. However, this forecast is conditional on the absence of escalating tensions between the US and Iran and the Fed not raising interest rates. For now, a pessimistic sentiment prevails among market participants.
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