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On-chain data suggests accumulation by large Bitcoin holders has slowed in recent months. Wallets classified as dolphins have recorded a series of lower balance highs since September 2025, while whale balances have remained largely unchanged since February 2026. The trend indicates that some of the market’s largest participants are no longer increasing their exposure at the pace seen earlier in the cycle. While flat or declining accumulation does not guarantee a price correction, it may point to weakening demand from major holders. Traders are monitoring whether renewed whale buying emerges or if reduced accumulation continues to weigh on Bitcoin’s near-term momentum.
