Dolphins Accumulate Over 1.3M BTC as Whales Gradually Distribute
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Dolphin Accumulation: Over the past year, mid-sized holders, known as dolphins, have added more than 1.3 million BTC in net holdings, indicating a sustained accumulation trend that enhances market stability and resilience.
- Whale Distribution: In contrast, large holders, or whales, have reduced their holdings by approximately 220,000 BTC during the same period, suggesting a gradual risk adjustment and profit-locking behavior typical in elevated valuation zones, reflecting market maturity.
- Demand Structure Shift: This divergence between holders indicates a significant shift in Bitcoin's demand structure, with increasing participation from mid-sized investors that reduces concentration risk and supports a more resilient market framework.
- Growing Institutional Demand: The rise in demand driven by ETFs and corporate treasuries highlights a transition towards institutional and balance-sheet-driven demand for Bitcoin, which typically exhibits lower sensitivity to short-term volatility compared to speculative inflows.
About the author

Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.






