of Latest Bitcoin on-chain data revealed A notable trend among mid-sized investors known as Dolphins (wallets holding 100-1,000 BTC). These companies are seen as a balance between retail traders and institutional investors, and are secretly the most dominant group in 2025.
Its accumulation trend that began earlier this year has now reached levels unseen in Bitcoin’s history, and on-chain data shows tremendous confidence in the long-term trajectory of the world’s largest cryptocurrency.
Dolphins control the market
According to Santiment’s on-chain data, Bitcoin Dolphin currently holds approximately 5.16 million BTC, which is approximately 26% of the total circulating supply. This share is larger than the share of both small individual investors (shrimp and crab) and large investors (whales and humpbacks). The steady increase in their holdings since early 2025 indicates deliberate and continued accumulation during a period of market consolidation.
The chart below clearly shows this movement, showing a smooth upward trend in Dolphin balances from late April to October 2025. The short pause in the curve highlights the accumulation during a small correction and means these holders are taking advantage of the drop in price to strengthen their positions. This slow but consistent buildup indicates growing conviction rather than speculative trading activity.
Total number of Bitcoin Dolphin addresses held. Source: Santiment
The numbers show that the Dolphins have accumulated over 681,000 BTC so far this year. This increase highlights that this group has become the most important in terms of Bitcoin’s supply dynamics. Whales and humpbacks show less aggressive behavior, while dolphins seem to absorb most of the available coins.
This increasing trend in Dolphin wallets becomes more interesting when compared to whale addresses, i.e. addresses holding 1,000 BTC to 10,000 BTC. According to Santiment data, addresses that fall into this cohort are saw their collective holdings fall Since April, it has decreased from 4.58 million BTC in April to 4.2 million BTC at the time of writing, as shown in the image below.
Bitcoin balance by address. Source: Santiment
Impact on Bitcoin price structure
Rise of the Dolphins It’s a positive change Bitcoin ownership structure. Unlike whales, their movements cause short-term price fluctuationsThe Dolphins represent a larger group of strategic investors. Have a long-term outlook.
There are currently approximately 17,771 addresses in this category, each holding between 100 BTC and 1,000 BTC, which together account for 25.82% of Bitcoin’s circulating supply. They collectively control more than a quarter of all Bitcoin, suggesting that supply is gradually being decentralized from a few dominant holders.
On the other hand, there are 1,971 addresses holding between 1,000 BTC and 10,000 BTC, which is approximately 21.32% of the total circulating supply. This data reflects a healthier market balance between institutional investors and large retailer participation.
Bitcoin balance by address. Source: @nehalzzzz1 from X
At the time of this writing, Bitcoin is trading at $113,345.
Featured image created by Dall.E, chart on Tradingview.com
