Whales buy while dolphins sell, Bitcoin supply and demand are at odds

2026-01-16 01:28:55

Source: BlockMedia Original Title: Whales Buy, Dolphins Sell; Bitcoin Supply and Demand Diverge Original Link: https://www.blockmedia.co.kr/archives/1032846 The balance of ‘whale’ wallets, large Bitcoin holders, has rapidly rebounded, entering a reaccumulation phase. The sharpest sell-off since last year has ended, raising expectations for future price movements.

Whale Balances End Largest Sell-off Since 2023 and Rebound

The balance of addresses classified as Bitcoin whales, holding between 1,000 and 10,000 Bitcoins, has shifted back to an increasing trend. According to CryptoQuant as of the 16th, the net holding change of whale addresses over the past year increased by 46,000 Bitcoins, rebounding 21% compared to the previous week. This is the first time since November last year that the one-year net change has turned positive.

Earlier, whale balances peaked at a net purchase of about 400,000 Bitcoins in December 2024, then entered a rapid distribution phase. Last week, the one-year net change dropped to a negative 220,000 Bitcoins, marking the fastest sell-off since early 2023.

Demand from ‘Dolphins’, Including ETFs, Continues to Diminish

Meanwhile, the flow of mid-sized investors holding between 100 and 1,000 Bitcoins, known as ‘dolphins,’ remains sluggish. This range also includes spot Bitcoin ETFs and corporate treasury holdings.

The one-year net holding increase for dolphin addresses peaked at 970,000 Bitcoins on October 4, 2025, then began to decline. Recent figures show 590,000 Bitcoins, about 38% below the peak. This confirms a demand slowdown that has persisted for several months.

In this cycle, the flow of dolphin-sized funds has had a greater impact on prices in terms of scale. However, past cases suggest that whale reaccumulation often signals the start of major bullish phases. The market is paying attention to the possibility that this rebound in whale balances may be an early sign of structural changes in the medium to long term, rather than just a short-term price trigger.

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