Dolphins Drive Bitcoin Accumulation
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CryptoQuant highlights the dolphin cohort—wallets holding 100–1,000 BTC—as the key indicator of long-term demand. This group, which includes ETFs, corporations, and emerging large holders, currently controls 5.16 million BTC (26% of supply).
In 2025, dolphins were the only cohort to increase holdings, adding 681,000 BTC, suggesting institutional and large-scale accumulation is fueling the market.