This means most Bitcoin holders are keeping their coins rather than selling or moving them between wallets and exchanges. The trend has become more visible as Bitcoin recovered roughly 50% from its June lows and moved above $87,000.
The shrinking active supply is largely linked to long-term accumulation. River Financial data shows long-term holders have added more than 3 million $BTC since 2020.
At the same time, the movement of older coins has slowed sharply. Only about 300,000 $BTC from older wallets moved during the first half of 2026, suggesting fewer long-held coins are returning to circulation.
This leaves fewer coins available for buyers and sellers across exchanges and trading platforms.
Meanwhile, while long-term holders keep Bitcoin off exchanges, institutional investors are also adding to their holdings through spot Bitcoin ETFs, which recorded $134.51 million in net inflows, bringing total weekly inflows to nearly $2.6 billion.
Retail Buyers Reverse Their Selling Trend
River’s data also shows a major change among retail investors. During the first half of 2026, retail holders sold a net 140,000 $BTC.
However, that trend reversed in Q3, when they bought back more than 107,000 $BTC.
Mid-sized “dolphin” wallets holding between 100 and 1,000 $BTC have also increased their holdings. These wallets accumulated more than 113,000 $BTC since mid-July, adding further pressure to the available supply.
Whale Activity Shows Heavy Buying and Selling
$BTC is trading around $83,970, after recently pushing toward the $87,385 area. The important point is that whales are placing large orders on both sides of the market, creating a clear battle zone.
Between $85,122 and $87,000, large sell orders totaling around $37 million are placed. This creates a strong sell wall that could make it harder for Bitcoin to move above the $85K – $87K range.
At the same time, around $21.1 million in buy orders are placed between $82,000 and $83,500.
This makes the $82K–$83K area an important support zone, while $85K – $87K remains a major selling area.
