# Bitcoin’s major holders pause buying as demand wanes, price slides **Published:** 2026-06-11T21:16:26.282Z **Topic:** ETH futures traders lean into $1.6K range lows: Will Ether lead market recovery? **Sentiment:** neutral **Publisher:** TrendWatcher — https://www.trendwatcher.in/article/53da2d7c-5000-413d-a2fb-4f0c23584c5a Bitcoin’s whale and dolphin cohorts show flat or negative balance growth, ETF outflows and slower treasury buying pressure price toward $60,000. Bitcoin’s on‑chain data shows that the largest Bitcoin holders have stopped adding to their positions as demand cools, while market price has slipped from the mid‑$70,000s toward the $60,000 level [1]. The slowdown is reflected both in reduced accumulation by “whales” and “dolphins” and in external demand sources such as spot ETFs and corporate treasury firms [2]. **Key takeaways** - Whale accounts (1,000‑10,000 BTC) posted the fastest annual balance contraction this year, with monthly growth flat since February [1]. - Dolphin accounts (100‑1,000 BTC) still grow annually but their balance growth has sharply decelerated, reaching near‑zero monthly change [1]. - Spot Bitcoin ETFs recorded $213.85 million net outflows on a single day and over $5.72 billion since mid‑May, draining market support [2]. - Digital‑asset treasury firms’ net inflows fell sharply as Bitcoin moved from the mid‑$70k range toward $60k, indicating a shift from aggressive buying to caution [2]. - About 40 % of the total Bitcoin supply is currently held at a loss, a level that historically precedes sustained price weakness [1][3]. ## On‑chain holding patterns signal a shift to distribution CryptoQuant’s latest report highlights a deteriorating holding structure across Bitcoin’s biggest cohorts. Whale balances, which once drove structural demand, have turned negative on an annual basis—the fastest contraction recorded this year—and have shown no monthly growth since February [1]. Dolphin balances, dominated by exchange‑traded funds and corporate treasuries, continue to rise year‑over‑year but their monthly growth has flattened, with successive lower highs since September 2025 [1]. The long‑term holder supply reached a fresh record of 15.8 million BTC, a configuration analysts label bearish because it suggests few new entrants are joining the market [1]. ## External demand engines lose momentum Parallel to the on‑chain trends, external demand sources have also weakened. US‑listed spot Bitcoin ETFs experienced a $213.85 million net outflow on Wednesday, and cumulative redemptions have now exceeded $5.72 billion since the second week of May [2]. At the same time, digital‑asset treasury (DAT) firms—companies that hold Bitcoin as part of their core strategy—have seen their daily purchases drop to a fraction of previous levels, moving from regular $500 million‑plus buying days in April‑May to a much slower pace as price fell toward $60,000 [2]. Although these firms remain net buyers, the slowdown removes a steady source of marginal demand during a period of weak sentiment [2]. ## Why it matters The convergence of flat or negative balance growth among the largest on‑chain holders and the retreat of key external buyers creates a double‑edged pressure on Bitcoin’s price. Historically, periods when whale and dolphin balances plateau or decline have preceded “sustained price weakness,” suggesting that the current structural demand support is eroding [1]. Combined with the ongoing ETF outflows and cautious treasury accumulation, the market now lacks its usual “core” buyers, leaving price vulnerable to further declines. Analysts note that if Bitcoin continues to trade near the $73,000‑$74,000 range, roughly 40 % of the supply is already in unrealized loss, a condition that could amplify bearish sentiment [3]. The next price trajectory will likely hinge on macro‑economic factors—particularly interest‑rate policy and geopolitical developments—that could either stabilize demand or deepen the current downtrend. ## Sources 1. Tradingview — [Bitcoin’s major holders halt buys as demand slows: CryptoQuant](https://www.tradingview.com/news/cointelegraph:177c73452094b:0-bitcoin-s-major-holders-halt-buys-as-demand-slows-cryptoquant/) 2. Economictimes — [Bitcoin BTC USD crypto market crash 2026 analysis: Bitcoin (BTC USD) price drops toward the $60,000 level as two major buyers pull back - what's happening with the cryptocurrency? - The Economic Times](https://economictimes.indiatimes.com/news/international/us/bitcoin-btc-usd-price-drops-toward-the-60000-level-as-two-major-buyers-pull-back-whats-happening-with-the-cryptocurrency/articleshow/131668530.cms) 3. Fxstreet — [Bitcoin’s major holders halt buys as demand slows: CryptoQuant | FXStreet](https://www.fxstreet.com/cryptocurrencies/news/bitcoins-major-holders-halt-buys-as-demand-slows-cryptoquant-202605290540) 4. Cointelegraph — [Bitcoin Loses Global Top 10 Asset Spot as Market Cap Falls to $1.48T](https://cointelegraph.com/markets/bitcoin-falls-out-of-the-global-top-10-assets-as-its-market-cap-dips-below-15t) --- Cite as: TrendWatcher, "Bitcoin’s major holders pause buying as demand wanes, price slides", https://www.trendwatcher.in/article/53da2d7c-5000-413d-a2fb-4f0c23584c5a