- Bitcoin investors across all wallet sizes are distributing holdings rather than accumulating, a bearish shift from late 2024 trends.
- Whale transaction activity has fallen to multi-year lows as large investors await policy and geopolitical clarity.
- Bitcoin’s network hash rate has dropped 22% since early March, pressured by rising energy costs and low profitability for miners.
Bitcoin struggled to hold momentum above $72,000 in late March 2026, as key onchain metrics revealed a worrying drop in investor demand and miner health. Several analytics firms, including Glassnode and CryptoQuant, highlighted declining network activity and a shift toward distribution among holders.
Glassnode’s Accumulation Trend Score neared zero, indicating whales are selling or not buying. This data from its dashboard showed a transition from accumulation seen in late 2024. Consequently, broad participation across wallet sizes is now seen as a prerequisite for any sustained price recovery.
Meanwhile, whale activity has become “historically quiet,” according to Santiment. The analytics firm noted daily large transactions have plummeted to levels last seen in 2023 and 2024. This suggests smart money is hesitant amid uncertainty surrounding the CLARITY Act and ongoing geopolitical tensions.
Onchain demand is weakening broadly, as CryptoQuant’s network activity index has declined since August 2025. Analyst Maartunn stated this points to “weaker demand across the network” in a recent post. Furthermore, Bitcoin Vector described current conditions as “stability without support,” noting that without fundamental recovery, any upside would rely on external catalysts.
The mining sector is also under significant pressure. Bitcoin’s hash rate fell sharply to 813 EH/s from earlier March highs. Rising energy costs have compressed hash price below $34 per PH/s/day, which is below breakeven for many operations. Analysts at Token Metrics warned that if mining difficulty drops another 5%, “miner capitulation is accelerating and spot sell pressure will intensify.”
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