Bitcoin’s current market structure continues to show strength, according to new on-chain data from CryptoQuant, which suggests the bull cycle is far from over.
The firm’s latest analysis highlights that “dolphins”, wallets holding between 100 and 1,000 BTC, are still increasing their balances, remaining well above their one-year moving average.
This pattern differs sharply from the 2021 cycle, when dolphin holdings began to decline before the market topped out. CryptoQuant notes that the sustained accumulation by these mid-sized investors, often considered early institutional participants or treasury allocators, indicates that ETF and corporate demand for Bitcoin remains strong.
The bull cycle isn’t done yet.
Dolphin holdings (100–1K BTC) are still growing above their 1-year MA — unlike the 2021 peak.
It suggests ETF and treasury demand remains strong. pic.twitter.com/bJCtG5Z4Sy
— CryptoQuant.com (@cryptoquant_com) October 23, 2025
The chart shared by CryptoQuant shows that dolphin wallet growth historically moves in tandem with macro accumulation phases. In 2021, holdings dropped below the 365-day moving average shortly before Bitcoin’s plunge into a bear market. Today, however, the trendline remains decisively positive, a signal that capital inflows are continuing despite recent volatility.
Analysts interpret this as a sign that Bitcoin’s current bull cycle is still maturing rather than nearing exhaustion. The consistent growth among these holders, combined with ongoing institutional participation through ETFs and corporate balance sheets, suggests renewed long-term confidence in Bitcoin’s market structure.
While short-term price fluctuations remain likely, CryptoQuant’s data reinforces the broader narrative: Bitcoin’s mid-sized investors are not taking profits yet, they’re still accumulating, hinting that the current rally could have more room to run before reaching its peak.