04.04.2026 11:35
The blockchain analyticsplatform CryptoQuant has reported that Bitcoin‑holding “whales” are offloading assets at a rate unseen in recent history, even as exchange‑traded funds and corporate treasuries continue to accumulate. According to a weekly CryptoQuant brief released on March 28, the 30‑day “apparent demand” dropped to a negative 63,000 BTC, indicating that the broader market is liquidating faster than institutional buyers can offset the supply.
Over the same period, spot ETF purchases added roughly 50,000 BTC in net inflows—the strongest accumulation since October 2025. Strategy, a corporate treasury, contributed about 44,000 BTC to this buying spree. Together, these two channels absorbed approximately 94,000 BTC in March. When compared with the 63,000‑BTC net selling pressure calculated by CryptoQuant, the remainder of the ecosystem—including retail investors, legacy whales, miners, and other funds—must have sold around 157,000 BTC during the month.
Independent data sets echo this divergence. Institutional accumulation appears to be decelerating. CryptoQuant notes that addresses holding between 1,000 and 10,000 BTC, which a year ago were net adders of 200,000 BTC, are now removing about 188,000 BTC—a swing of nearly 400,000 BTC from accumulation to distribution in under two years.
Mid‑tier wallets (100–1,000 BTC) have also slowed their buying. Their annual inflows fell from close to one million BTC in October 2025 to just 429,000 BTC, though they have not halted purchases altogether.
The price floor remains above the realised‑value benchmark of $54,286, with spot BTC trading around $67,000–$68,000, a 21 % premium. Historically, such a premium suggests the market has not yet reached a bottom, a point reiterated by CoinDesk earlier this week.
In sum, while institutional players are still net buyers, whale‑level sell‑offs and the sharp slowdown among mid‑size holders point to a market under pressure that may require further consolidation before a bottom can be identified.
