Retail investor demand in the bitcoin market has fallen to its weakest level this year, while whale accumulation is showing its strongest signal in 18 months. Entities holding at least 1,000 BTC totalled 1,282 as of May 22. Bitcoin’s apparent demand fell to about minus 147,000 BTC, the weakest since December 2025. The crypto fear and greed index stayed in fear territory, while large holders added 47,000 BTC in 14 days.

Bitcoin continues to see buying from institutions and retail investors, but overlapping sell pressure from long-held whale wallets is preventing a clear upside breakout. On-chain data showed a large share of the selling coming from long-term holders even as weekly purchases exceed new issuance. Strategy added 24,869 BTC in a week, and analysts estimated it could buy more. Some long-term holders used OTC deals, keeping exchange imbalances limited.