According to the latest on-chain data from CryptoQuant, Bitcoinâs bull cycle is far from over. The report suggests that the market is now entering a late-stage accumulation phase, not the end of the bull run. Short-term momentum has cooled down, but long-term demand remains rock solid â a classic sign that smart money is quietly buying, while retail traders are still uncertain đ
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đč Bitcoinâs Cycle: Maturity, Not Exhaustion
CryptoQuantâs data reveals that the âdolphin cohortâ â wallets holding between 100 and 1,000 BTC â has now become the dominant market force. These entities include ETFs, corporate treasuries, and institutional investors.
đ Together, they now control 26% of Bitcoinâs circulating supply (around 5.16 million BTC).
In 2025 alone, this group has accumulated over 681,000 BTC, while smaller holders have reduced their exposure. This highlights one major fact: institutional demand continues to drive Bitcoinâs structure, even as retail activity weakens.
Historically, whenever dolphin accumulation slows, it signals a correction phase. But when accumulation rises again â it marks the beginning of a new bullish wave.
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đŠ Long-Term Accumulation Still Intact
Despite weaker short-term signals, long-term accumulation remains extremely strong.
CryptoQuant analysts note that the dolphin cohortâs annual balance growth rate is now 907,000 BTC, well above its 365-day average of 730,000 BTC.
During previous market tops (like in 2021), this rate fell below the long-term average â a clear sign of exhaustion. But this time, the opposite is happening: institutions are accumulating heavily, not exiting.
This shows the market is evolving into a mature and sustainable bull cycle, not a speculative frenzy.
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đ Short-Term Momentum Cooling Down
In the short term, some weakness can be seen.
The 30-day balance growth of dolphin wallets has dropped below its 30-day moving average â signaling softened short-term demand.
Technically, Bitcoin faces resistance near $115,000 and support around $100,000.
If the $100K zone fails to hold, a temporary correction toward $75,000 could follow.
However, as long as the structural demand remains intact, these dips are more like opportunities for accumulation rather than signs of danger.
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đ Whatâs Next? Institutional Demand Is the Key
The next big move for Bitcoin depends on fresh institutional inflows â particularly from ETFs and large-scale funds.
If these players start accumulating again, Bitcoin could retest and break above its all-time high of $126,000.
If not, the market may continue to move sideways, entering a late-cycle consolidation phase â where liquidity redistributes and long-term holders strengthen their positions.
This is where patience separates winners from the crowd.
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⥠Bottom Line: Bull Market Still Alive
Bitcoinâs current on-chain data clearly indicates that this bull cycle isnât over â itâs just maturing.
Institutional players are quietly stacking sats, while retail sentiment remains mixed.
The market is building a strong foundation for the next explosive move, not collapsing.
History shows that accumulation phases like these are where the next wave of wealth is created.
When institutional inflows return in full force, Bitcoin could easily set new record highs beyond imagination.
Until then, the smart strategy is simple: stay patient, stay informed, and watch how the quiet accumulation turns into the next breakout rally.
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