Key Market Shift: Institutional Dominance in Bitcoin Holdings
Institutional investors, including the Dolphin cohort, are now the primary accumulators of Bitcoin, significantly increasing their holdings as retail investor activity declines in 2025. This marks a key structural shift in the Bitcoin market, with increased institutional control potentially stabilizing prices despite retail interest waning.
On-Chain Data Reveals Institutional Accumulation
Institutional investors are significantly increasing their Bitcoin holdings while retail participation declines, according to on-chain data. This marks a major shift in market dynamics, highlighting a departure from retail-led cycles in favor of institutional dominance.
The Dolphin cohort, which holds 100–1,000 BTC, has accumulated over 681,000 BTC in 2025, now controlling 26% of Bitcoin’s circulating supply. This group includes ETFs and corporations, while retail entities decrease their positions. As reported by CryptoQuant Research, "This cohort has added 681K BTC in 2025, while all other groups have reduced holdings—confirming institutional dominance."
Market Dynamics and Price Levels
The increase in institutional holdings has resulted in Bitcoin facing resistance at $115,000, with strong support near $100,000. Retail trading activity has dropped, as indicated by on-chain metrics from CryptoQuant.
The recent structural shift aligns with past accumulation events seen in 2020–2021, when large institutions bought considerable amounts of Bitcoin, typically leading to significant price growth.
Future Outlook and Bitcoin's Bull Market Potential
Experts from Tiger Research suggest that further institutional interest could support a steady continuation of the current bull market. This change is not mirrored in Ethereum or other altcoins, with Bitcoin remaining the focus.
The ongoing accumulation by large-scale investors could lead to regulatory or technological outcomes that affect Bitcoin’s market stability. Historical precedents indicate that institutional momentum may contribute to ongoing price increases.