Bitcoin’s Price Depends on Dolphin Holders
Dolphin holders own about 26% of Bitcoin’s circulating supply, says CryptoQuant. These wallets hold between 100 and 1,000 BTC each. They include ETFs, large companies, and big investors.
CryptoQuant calls Dolphins the key to Bitcoin’s bullish trend this cycle. In the past, Bitcoin’s price rose when Dolphins kept buying. Prices fell when Dolphins started selling.
Dolphins Have Grown Their Holdings This Year
As Bitcoin hit new highs in 2025, many groups sold some coins. But Dolphins kept buying. Their holdings grew by over 686,000 BTC this year. Now, they hold 5.16 million BTC, 26% of all circulating Bitcoin. This is the largest share of any group.
However, recent price drops and market changes have slowed their buying. CryptoQuant says monthly buying must speed up to bring new highs. The next weeks are crucial. If Dolphins buy more, Bitcoin could rise. If they slow down, a deeper drop is likely.
Market Liquidity and Price Outlook
- Bitcoin’s Liquidity Inventory Ratio (LIR) is 8.3 months.
- This means current liquidity can only cover demand for 8.3 months, less than the usual nine months.
- Lower liquidity with steady demand from long-term holders may boost prices over time.
Bitcoin trades at $110,900 on Friday, up 0.4% at the time of writing.
