According to a recent report by CryptoQuant, a specific group of Bitcoin holders—known as “Dolphins,” or wallets holding between 100 and 1,000 BTC—are continuing to grow their holdings at a strong pace. These addresses have added a significant 681,000 BTC in 2025 alone.
This trend is particularly noteworthy because these Dolphin wallets are maintaining their position above the one-year moving average (MA), a key technical indicator often used to analyze long-term market sentiment.
A Bullish Indicator for the Market
The fact that Dolphin Bitcoin holdings remain above the 1-year MA is often interpreted as a bullish signal. It suggests that mid-sized investors are confident in Bitcoin’s future performance. Historically, when this group accumulates during price consolidations or pullbacks, it has preceded continued market growth.
This accumulation behavior indicates a strong belief in the long-term value of Bitcoin, even amid short-term volatility. The steady increase in holdings shows that these investors may be preparing for a potential continuation of the current bull market.
NEW: Dolphin holdings (100-1K $BTC) continue growing above their 1-year MA and added 681K $BTC in 2025, suggesting the bull cycle isn't done yet, per CryptoQuant. pic.twitter.com/JDgOcEPuIi
— Cointelegraph (@Cointelegraph) October 24, 2025
What This Means for Crypto Investors
While it’s not wise to rely on a single metric, the growing activity from Dolphin wallets adds a layer of confidence to the overall market sentiment. These mid-sized holders play a crucial role between retail traders and whales (those holding over 1,000 BTC), making their actions a valuable signal.
With 681,000 BTC added in just one year, this level of accumulation suggests that the bull cycle may not be over yet. Investors should keep an eye on these metrics as part of their broader market analysis strategy.