[CryptoQuant: Growth in Bitcoin Whale and Dolphin Holdings Slows Down] According to CryptoQuant's Head of Research, Julio Moreno, the year-over-year contraction rate of Bitcoin whales (holding 1,000 to 10,000 BTC) balances is the fastest this year. While dolphin (holding 100 to 1,000 BTC) balances are still growing year-over-year, the growth has fallen below the trend. Long-term holder supply has risen to 15.8 million BTC, while short-term holder supply has dropped from 6.4 million BTC in December 2025 to approximately 4.2 million BTC, reflecting weak new demand. The market structure resembles the bear market phase of 2022.