#HODLTradingStrategy The only ones accumulating BTC are addresses holding between 100 and 1,000 BTC — everyone else is selling!

That’s right — let’s dive into the on-chain analysis to understand how Bitcoin is currently distributed among the different types of holders.

We’ll start with the accumulation trend — a heat map cohort that tracks the net change across different address ranges and compares it to data from 60 days ago to determine whether they are accumulating or distributing coins.

Interestingly, it’s immediately clear that only the “dolphins” — addresses holding between 100 and 1,000 BTC — have been consistently accumulating funds throughout 2025. This cohort could represent companies, funds, or seasoned holders preparing for what’s to come.

The second chart shows all of the historical accumulation behavior versus distribution of the Dolphin cohort (100-1,000 BTC). Interestingly, a large wave of BTC inflows to these addresses marked the end of Bitcoin's euphoric rally in April 2021 - a similar pattern emerged again in December 2024. However, in 2021, BTC continued to reach new all-time highs a few months later, despite weaker accumulation. A similar scenario may be unfolding now. Perhaps...

The third chart shows that the balance of addresses with more than 1,000 BTC is declining - they have distributed more than 546,000 BTC since July 2024.