Bitcoin Dolphins Rapidly Accumulate BTC, Surpassing Whales in Market Influence
Recent on-chain data indicates a significant shift in Bitcoin ownership dynamics, with mid-tier holders — often referred to as “Dolphins” — emerging as powerful market players. These investors, operating wallets containing between 100 and 1,000 BTC, have quietly amassed a sizable share of the circulating supply, signaling a strong, sustained belief in Bitcoin’s long-term value.
Throughout 2025, Dolphin addresses have been steadily increasing their holdings, undeterred by short-term volatility or minor corrections. According to data from Santiment, these wallets now control approximately 5.16 million BTC, which equates to about 26% of the total Bitcoin supply in circulation. This marks a record-breaking level of accumulation for this investor class, surpassing the holdings of both smaller retail participants (such as Shrimp and Crab wallets) and even large institutional players (Whales and Humpbacks).
Unlike whales — addresses with 1,000 to 10,000 BTC — whose holdings have declined from 4.58 million BTC in April to 4.2 million BTC, Dolphins have been consistently buying. Since the beginning of 2025, they have added over 681,000 BTC to their portfolios. This behavior suggests a strategic accumulation pattern, driven by confidence in Bitcoin’s future rather than short-term speculation.
The accumulation curve for Dolphins shows a persistent upward trend from late April through October 2025. Notably, even during brief market corrections, Dolphins seized the opportunity to buy more, highlighting a disciplined investment approach. This behavior stands in stark contrast to more volatile whale activity, which often triggers sharp price swings due to large-volume transactions.
Currently, there are around 17,771 Dolphin addresses, collectively holding 25.82% of Bitcoin’s circulating supply. This dispersed ownership structure indicates a gradual move toward decentralization, as an increasing share of Bitcoin is held by mid-sized investors rather than a few dominant whales.
In comparison, only 1,971 addresses fall into the Whale category (1,000–10,000 BTC), accounting for approximately 21.32% of the supply. This shift underscores a more balanced market, where influence is distributed more evenly among a broader base of stakeholders.
The growing influence of Dolphins could signal a new phase in Bitcoin’s market maturity. Their methodical approach to accumulation suggests long-term conviction, potentially reducing the likelihood of sudden sell-offs that often follow whale movements. As such, Dolphins may provide a stabilizing force within the market, strengthening Bitcoin’s resilience to volatility.
Furthermore, this trend could have broader implications for price dynamics. With fewer coins available for trading on exchanges — due to the long-term holding strategies of Dolphins — upward pressure on price could increase if demand continues to rise. This supply squeeze scenario has historically preceded major bull runs in the crypto space.
Beyond pure price speculation, the rise of Dolphins also points to a shift in the profile of Bitcoin investors. These are likely to be high-net-worth individuals, early adopters, or businesses that have grown their holdings over time. Their accumulation reflects not just financial interest, but also trust in the technology and its potential future utility.
From a macroeconomic perspective, the growing dominance of Dolphins aligns with broader trends in global finance. As inflation concerns persist and fiat currencies face pressure, Bitcoin’s appeal as a decentralized, deflationary asset continues to strengthen. Mid-tier holders may be positioning themselves ahead of anticipated institutional inflows or regulatory clarity that could further legitimize the asset class.
Moreover, Dolphins’ strategic behavior could serve as a model for retail investors. Rather than chasing short-term gains, adopting a long-horizon, accumulation-focused strategy during market dips could prove more beneficial over time. This mindset shift may further stabilize the market, encouraging healthier investment habits.
As of the latest data, Bitcoin is trading at $113,345, and the market continues to watch closely how the behavior of different investor cohorts will impact future price trends. With Dolphins now holding a larger portion of the supply than Whales, their actions could be pivotal in shaping Bitcoin’s trajectory in the coming months and years.
In the broader context, this redistribution of holdings is a sign of market evolution. As Bitcoin matures and becomes more widely adopted, the influence of any single group diminishes, contributing to a more robust and democratic financial ecosystem. Dolphins, with their steady hands and long-term vision, may well be the vanguard of this transformation.