According to Cryptoquant, short-term demand for Bitcoin has weakened somewhat, but long-term demand remains robust. This indicates that the current bullish cycle is in the late stages of accumulation but is not approaching a final conclusion.
Currently, medium and large Bitcoin holders holding between 100 and 1000 BTC (dolphins) are the main driving force, controlling approximately 26% of the circulating supply, or about 5,16 million BTC.
Only in 2025, organizations that include exchange-traded funds (ETF), corporate treasuries and institutional investors accumulated more than 681,000 BTC, while smaller ones reduced their positions.
Cryptoquant data
Despite the recent decline in short-term indicators, Cryptoquant’s report emphasizes that structural demand remains robust. The year-over-year growth of assets in the above-mentioned group is 907,000 BTC, exceeding the 365-day moving average of 730,000 BTC. Therefore, the bullish trend has not yet run its course.
During previous market peaks, such as 2021, annual growth in dolphin balances fell below the long-term average, indicating exhaustion of institutional demand. Now, however, the situation is different: long-term accumulation remains, indicating a mature and sustainable bullish structure.
Cryptoquant analysts believe that renewed accumulation, especially from exchange-traded funds (ETF) and large holders will be key to Bitcoin retesting and breaking through the $126,000 peak. Otherwise, the market may remain in the consolidation phase typical of the late stage of the cycle.