BTC bull cycle enters late-stage maturity as whales, dolphins return to markets

On-chain data revealed on Thursday that Bitcoin’s short-term momentum is dropping, while its long-term structural demand remains ￰0￱ also acknowledged that Bitcoin’s bull cycle shows signs of late-stage maturity rather than a definitive ￰1￱ to the analytics firm BTC dolphins, which comprises ETFs, corporations, and large holders, these entities remain the primary drivers of Bitcoin’s current demand ￰2￱ believes that the next few weeks could see a reacceleration in the dolphin cohort’s accumulation, which it expects could push BTC to new ￰3￱ firm also argued that a continued slowdown in the digital asset’s price risks deepening its recent ￰4￱ predicts surge in Bitcoin’s price The bull cycle isn’t done ￰5￱ holdings (100–1K BTC) are still growing above their 1-year MA — unlike the 2021 ￰6￱ suggests ETF and treasury demand remains ￰7￱ — ￰8￱ (@cryptoquant_com) October 23, 2025 CryptoQuant defines a dolphin as an entity holding a balance between 100 and 1,000 BTC.

On-chain data revealed that dolphin addresses currently hold the largest share of ￰9￱ represent 26% of BTC’s supply, which is approximately 5.16 million ￰10￱ to CryptoQuant, the concentration of holdings in dolphins suggests that their behavior plays a decisive role in shaping Bitcoin’s market ￰11￱ analytics firm noted that a growing accumulation from the cohort historically aligns with a surge in Bitcoin’s ￰12￱ the same time, a slowdown often precedes distribution or correction phases in prior cycles. On-chain data showed that BTC dolphins have maintained institutional dominance by adding around 681,000 Bitcoins this year so far, while other groups have reduced their ￰13￱ trading and market analytics firm also issued a near-term caution, noting that the 30-day balance has dropped below its 30-day moving average, which signals a decrease in short-term demand.

“The current setup for Bitcoin and Ethereum is ￰14￱ ahead is similar to pre-Trump victory ‘24.” – Quinn Thompson , CIO of Lekker ￰15￱ Rebelo, head of digital assets at Empiricus, said on Thursday that he believes there’s a 75% chance that Bitcoin’s return in the next three months is ￰16￱ analyst supported his prediction after the 30% to 40% rise in open interest seen on October ￰17￱ also noted that BTC’s mean performance in the next 90 days is around 25.9%. At the time of publication, Bitcoin is exchanging hands at around $111,397, up 2.15% in the last 24 ￰18￱ has also surged by more than 5.5% in the past week, but is down roughly 1.44% in the last 30 days.

On-chain data showed that Ethereum has surged by 3.22% in the last 24 hours to $3,977 at press time. ETH’s price has increased by nearly 5% over the last 7 days, but it has also decreased by more than 5% over the last 30 days. On-chain data showed that a Bitcoin miner wallet holding 4,000 BTC (roughly $442 million) has been activated for the first time after being dormant for nearly 15 ￰19￱ revealed that the wallet (18eY9o) transferred 150 BTC (around $16.6 million). The digital assets were mined in 2009 and stored in the wallet in ￰20￱ movement signals a potential rotation or selling of the digital assets, with on-chain data showing significant realized profits in the wake of higher Bitcoin ￰21￱ plans to allow BTC and ETH collateral for loans Cryptopolitan reported on Friday that JPMorgan Chase & ￰22￱ to allow its clients to use Bitcoin and Ether holdings as collateral for loans by the end of ￰23￱ financial institution also confirmed that the initiative will be available globally and will use a third-party custodian to secure the virtual ￰24￱ previously accepted crypto-linked ETFs as collateral, signaling the bank’s growing integration of digital assets into mainstream ￰25￱ bank’s initiative follows the recent shift in ￰26￱ regulations, which has been encouraged by the current U.

S. administration, prompting banks to expand their crypto ￰27￱ Stanley is also mirroring JPMorgan’s move after it announced plans to let its customers access digital assets next ￰28￱ firms, including State Street, BNY Mellon, and Fidelity, offer custody services to their ￰29￱ a premium crypto trading community free for 30 days - normally $100/mo.