Bitcoin whales have shifted from aggressive accumulation to distribution, thereby adding pressure to an already strained market.
According to on-chain analytics, the cohort holding between 1,000 and 10,000 BTC has turned net sellers. Their one-year holdings have swung from a gain of roughly 200,000 BTC at the 2024 bull-market peak to a net loss of 188,000 BTC today. The 365-day trend is now clearly declining, pointing to structural rather than short-term selling.
Broader spot demand remains in contraction despite ETF inflows and corporate buying. Thirty-day apparent demand stands at -63,000 BTC, indicating that retail and mid-tier selling continues to outweigh institutional purchases.
Meanwhile, mid-tier holders (100–1,000 BTC) are still accumulating but at a much slower pace since November 2025, with their one-year growth collapsing from about 1 million BTC last October to 429,000 BTC now.
Even smaller “dolphin” wallets remain net buyers year over year, yet their pace is fading fast. U.S. demand has weakened further, with the Coinbase Premium stuck in negative territory even as prices trade in the $65,000–$70,000 zone.
 
PlanB, the analyst behind the stock-to-flow model, offered a sober technical read on the same data. Bitcoin closed March at $68,215 with an RSI of 44. The analyst expects the price to test the 200-week moving average near $59,000 and the realized price around $54,000 before the next sustained leg higher, which he still projects toward the $250,000–$1 million range in coming cycles.
At press time, Bitcoin is down 1.06% to $67,397.28 over the past 24h, underperforming the broader crypto market amid escalating geopolitical tensions and renewed institutional selling pressure. It shows a strong correlation (96%) with the S&P 500 and (92%) with Gold, indicating a macro-driven, risk-off move.
Technical and on-chain weakness shows price below key moving averages with whale distribution, and a break below $64,971 could trigger a deeper correction. But if Bitcoin holds above the $66,226–$66,500 support zone, it could see a relief bounce toward $68,500 resistance.
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