Bitcoin: Major holders halt buys as demand slows — CryptoQuant

Blockchain analytics firm CryptoQuant says major Bitcoin holders have paused accumulation and that aggregate spot demand is slowing, a development that historically has coincided with sustained price weakness in past cycles.

According to market coverage, CryptoQuant’s metrics show dwindling net purchases from large wallets, softer daily ETF inflows and a slowdown in the turnover of coins that had previously been actively traded. CoinDesk noted Bitcoin trading near $73,500 at the time of reporting and highlighted CryptoQuant’s observation that 30-day apparent demand indicators have weakened markedly.

The combination of renewed supply from long-term holders and tepid new-buyer demand can tighten liquidity and increase downside vulnerability. With ETF flows and institutional channels currently less supportive, the market is more sensitive to distribution from whales and to short-term selling, which can amplify price swings even without large-scale forced liquidations. CoinDesk’s coverage frames this as a risk to the durability of the recent rally.

In a broader context, the integration of spot ETFs and corporate treasuries into Bitcoin markets since 2025 changed structural dynamics, but CryptoQuant’s latest data suggests these channels are not reliably absorbing reactivated supply at present. Reporting from Bloomberg and other outlets has documented increased long-term holder selling in recent months, reinforcing concerns about market depth.

Market participants say the outlook depends on whether ETF and institutional demand can resume at sustainable rates. CryptoQuant flags key on-chain realized-price thresholds as potential support levels, and analysts will watch weekly ETF net flows, exchange reserve movements and large-wallet behavior for signs of stabilization. For traders and institutional investors, risk management and liquidity monitoring remain paramount while the market digests the shift in demand dynamics.