Bitcoin BTC/USD remains range-bound, with on-chain metrics signaling short-term weakness but long-term bullish fundamentals intact.
What Happened: CryptoQuant data shows Bitcoin's bull cycle remains in a late-stage accumulation phase, not a definitive end.
The Dolphin cohort, large holders including ETFs, corporations, and wallets with 100–1,000 BTC, controls 26% of supply, around 5.16 million BTC.
Historically, their accumulation drives rallies, while slowdowns precede corrections.
In 2025, Dolphins have added 681,000 BTC, outpacing net sellers in other groups.
Annual holdings growth of 907,000 BTC vs. the 365-day average of 730,000 BTC confirms structural strength in the cycle.
Also Read: Millionaire Trader Lost 8 Figures But Still ‘Aggressively Accumulates Bitcoin’
What's Next: CryptoQuant data noted that for Bitcoin to retest $126,000 and reach new highs, accumulation must reaccelerate.
Currently, Bitcoin faces resistance at $115,000, support at $100,000, and risks a deeper correction toward $75,000 if support fails.
Onchain data shows dormant coins moving after seven years have already exceeded 2024 levels, possibly from partial liquidations, old miners shifting reserves, or cold wallet migrations.
Bitcoin’s NVT Golden Cross indicator shows the market is far from overheated; unlike past peaks where it rose above 3, current readings suggest the bull phase remains intact.
As CryptoQuant notes, "Without an upward phase, there can be no crypto winter."
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