On-Chain Data Reveals: Bitcoin "Dolphins" Continue Accumulating, Market Entering Late Bull Market Stage

Recent Bitcoin market movements have sparked widespread discussion about whether the bull run has peaked, but on-chain data analysis indicates that the current market may be in the mature late stage of the cycle rather than at its end.

According to the latest CryptoQuant report, the investor group known as "Dolphins" (addresses holding 100 to 1,000 BTC) has become the main driving force behind this bull market, with their continuous accumulation behavior still providing a solid demand foundation for the market.

CryptoQuant's analysis shows that the Dolphin investor group (comprising ETF investors, corporations, and large BTC holders) currently holds 5.16 million BTC, accounting for 26% of Bitcoin's circulating supply, far exceeding the holdings of other investor groups such as whales and small investors.

More importantly, between 2024 and 2025, Dolphin investors' holdings increased by 681,000 BTC, while other investor groups showed net reductions during the same period. This structural change indicates that institutional investors and large holders are continuously absorbing selling pressure from smaller investors, thereby maintaining overall market demand.

In terms of growth momentum, the annualized holding increase rate for Dolphins reached 907,000 BTC, still above the 730,000 BTC 365-day moving average, demonstrating that the long-term accumulation trend remains solid.

However, short-term data shows some signs of weakness, as the 30-day balance growth rate for this group has fallen below its 30-day moving average. This change roughly coincides with Bitcoin's pullback from its $126,000 high.

Analysis suggests that the accumulation speed of Dolphins has become a key indicator for judging the market stage. As long as its annualized growth rate remains above the 365-day moving average, the basic structure of the bull market remains intact. However, if the accumulation speed continues to slow, the market may shift from expansion to consolidation.

In summary, CryptoQuant on-chain data presents a relatively optimistic picture. Although short-term momentum has weakened, the structural demand led by institutional investors and large holders remains firm. The Bitcoin market is in the mature late stage of the cycle, and the subsequent behavior of Dolphins will continue to determine the ultimate height and duration of this bull run.

#Bitcoin On-Chain Analysis