Bitcoin could reach a new peak if whales continue to increase their Accumulation.

The next momentum of Bitcoin (BTC) is likely to be determined by a group of investors known as “Dolphin holders” — those who currently hold about 26% of the total circulating supply of the world's largest cryptocurrency, according to data from the on-chain analysis platform CryptoQuant.

Dolphin holders – a key group in the price increase cycle

According to a report released on Friday by CryptoQuant, the “Dolphin” group — which includes wallets holding between 100 and 1,000 BTC ( consisting of ETF funds, businesses, and large investors ) — is playing a pivotal role in the bullish structure of the current Bitcoin cycle.

In previous cycles, this group of investors has always been the “steering wheel” that directs the price trend of BTC: the market often breaks out strongly when Dolphin wallets actively accumulate, and enters a correction phase when they start distributing.

Notably, while many other investors took profits when Bitcoin reached a new peak in 2025, the “whales” remained steadfast in their buying, increasing their total holdings to over 686,000 BTC since the beginning of the year. Currently, they control about 5.16 million BTC — equivalent to 26% of the total circulating supply — a record high among all investor groups.

The buying speed slows down – a warning signal for price trends

However, according to CryptoQuant, the buying pressure from the Dolphin group has weakened in recent months, largely due to the impact of leverage reductions and short-term market corrections.

CryptoQuant analysts stated: “In order for the uptrend to be maintained and for Bitcoin to conquer new price peaks, the monthly accumulation rate of the Dolphin group needs to recover soon.” They further emphasized that the coming weeks will be pivotal: if the buying power from this group is strengthened, Bitcoin could very well set a new record; conversely, a prolonged slowdown could make the current correction deeper and more prolonged.

Liquidity has decreased but medium-term prospects remain positive

The report states that the Liquidity Inventory Ratio – LIR of Bitcoin has decreased to 8.3 months, indicating that the liquidity available in the market is currently only sufficient to meet less than 9 months of trading demand.

Experts believe that the decline in liquidity, along with a strong accumulation wave from long-term investors, is creating a favorable environment for the potential price breakout in the medium term.

At the time of publication, Bitcoin was trading around 110,900 USD, up slightly by 0.4% compared to the previous session.

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