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Nakamoto 2025-10-25 19:50 86634人围观 BTC

In 2025, "dolphin-level" addresses, including exchange-traded funds (ETFs), corporates, and large holders, have held a cumulative 686,000 Bitcoins. Bitcoin “dolphin” addresses could influence price movements. Because they hold 26% of the circulating suppl

In 2025, "dolphin-level" addresses, including exchange-traded funds (ETFs), corporates, and large holders, have accumulated 686,000 Bitcoins. Bitcoin “dolphin” addresses could influence price movements. Because they hold 26% of the circulating supply of Bitcoin.

Bitcoin’s current liquidity cannot meet demand for up to nine months. Market analysts say that the next move for Bitcoin (BTC) may be determined by those who hold "dolphin coins", who currently hold a total of about 26% of the top cryptocurrency's circulating supply.

  Bitcoin’s next move depends on the choices of Dolphin holders. Cryptocurrency quant analysis firm noted in a report on Friday that the "dolphin" group of 100 to 1,000 Bitcoins, which includes exchange-traded funds, corporates and large holders, is the cornerstone of Bitcoin's bullish structure in the current market cycle.

      Historically, they have played a key role in shaping Bitcoin’s price movements. In previous cycles, when dolphin addresses continued to accumulate, prices surged, and when they began to sell off, prices retraced.

Bits currency address total Remain Amount change change

      In 2025, as the price of Bitcoin surged to new highs, other groups began to sell, but the "dolphin" group continued to buy, with its holdings exceeding 686,000 Bitcoins since the beginning of the year. Currently, the "dolphin" group controls 5.16 million Bitcoins, accounting for 26% of the circulating supply.

  However, their buying pressure has eased in recent months as deleveraging events have occurred and prices have fallen.

      Market Analysis: “To revive the bull market and push Bitcoin to new all-time highs, the monthly accumulation rate must accelerate again. ”“The next few weeks will be crucial: if [Dolphin] accumulation accelerates again, Bitcoin could reach new highs, while a sustained slowdown could exacerbate a pullback. ”

  Meanwhile, Bitcoin’s Liquidity to Inventory Ratio (LIR) has dropped to 8.3 months, indicating that current market liquidity cannot meet demand for up to nine months.

“From an analytical perspective, declining liquidity, coupled with increased demand from long-term holders, indicates a favorable environment for price growth in the medium term. ”Bitcoin was trading at $110,922 on Friday.