Bitcoin’s last dip isn’t alarming the market’s largest players—at least, not according to a fresh report by CryptoQuant.
The firm, known for its on-chain analysis, says major holders of BTC, often referred to as whales, are holding steady, signaling that the broader uptrend remains intact despite the recent volatility.
CryptoQuant’s research indicates this is not a sign of exit or distribution among large investors. Instead, the data shows a pattern resembling a quiet phase of reaccumulation—something similar to the consolidation observed last August and September.
According to their findings, the whale activity being tracked excludes wallets tied to mining pools, exchanges, or custodians, focusing solely on those that represent actual market participants. Historically, movements from these wallets have aligned closely with price trends. If whales were looking to cash out, the analysts argue, we would have already seen sustained sell pressure and profit-taking capping price rallies. That hasn’t happened.
What is happening, they suggest, is more like a pause in the bull run than a reversal. The current correction, while sharp, is seen as a natural retracement rather than the start of a market breakdown. Comparing it with past scenarios, such as the COVID-triggered crash of 2020 where whales exited ahead of the plunge, CryptoQuant points out that no similar pattern of panic distribution has emerged this time.
The firm goes further, suggesting that the current pullback might be part of a deliberate and anticipated market movement, rather than a genuine crisis. In that context, whale behavior makes sense—they’re staying put because the fundamentals haven’t changed.
In short, while the price has pulled back, the behavior of long-term holders suggests confidence in the ongoing bull cycle remains strong.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
