Bitcoin could push to new highs if large holders resume accumulation

Bitcoin (BTC)’s next move could be determined by dolphin holders, who now collectively hold about 26% of the top crypto’s circulating supply, according to on-chain analytics platform CryptoQuant.

Bitcoin’s next move hangs in limbo for Dolphin holders

The Dolphin Group (wallets holding 100-1,000 BTC), which includes exchange-traded funds (ETFs), corporations and large holders, is the cornerstone of Bitcoin’s bullish structure in the current market cycle, CryptoQuant said in a Friday report.

Historically, they have played a key role in shaping the price direction of Bitcoin. In previous cycles, prices rose due to continued accumulation from Dolphin addresses and then corrected when their distribution began.

Bitcoin total balance changes by address. Source: CryptoQuant

As Bitcoin reached new highs in 2025, other groups began to divest, but Dolphin kept buying, bringing their holdings to more than 686,000 BTC since the beginning of the year. Dolphins now control 5.16 million BTC – 26% of the circulating supply – the largest of all the groups.

However, their buying pressure has slowed following deleveraging events and falling prices in recent months.

“To resume the bullish trend and propel Bitcoin to new all-time highs, the monthly accumulation rate must accelerate again,” CryptoQuant analysts wrote. “The next few weeks will be important: it will pick up again [Dolphin] Accumulation could push Bitcoin to new highs, while continued bearishness risks deepening the correction.”

Bitcoin total dolphin holdings and monthly change. Source: CryptoQuant

Meanwhile, Bitcoin’s liquidity inventory ratio (LIR) has fallen to 8.3 months, indicating that current market liquidity does not cover nine months of demand.

“Analytically, the decline in liquidity, coupled with increased demand from long-term holders, points to a favorable environment for price appreciation in the medium term,” the report said.

Bitcoin traded at $110,900 on Friday, up 0.4% at the time of publishing.