The latest Bitcoin on-chain data reveals a notable development among mid-tier investors known as Dolphins (wallets holding between 100 and 1,000 BTC). These entities, which are seen as the balance between retail traders and institutional whales, have quietly become the most dominant cohort in 2025.

Their accumulation trend, which started earlier this year, has now reached levels not seen in Bitcoin’s history, and on-chain data shows the sheer amount of confidence in the long-term trajectory of the world’s largest cryptocurrency.

Dolphins Take Control Of The Market

According to Santiment’s on-chain data, Bitcoin Dolphins now hold around 5.16 million BTC, representing about 26% of the total circulating supply. This share is larger than that of both smaller retail holders (Shrimps an

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