Bitcoin's on-chain data reveals accumulation by the Dolphin cohort (100-1,000 BTC wallets) amidst widespread selling.
The Dolphin cohort, potentially comprising companies and experienced holders, has been strategically increasing their Bitcoin positions.
Larger holders with over 1,000 BTC, known as 'whales,' have been reducing balances since mid-2024, raising questions about their motives or exchange activity dominance.
The trend indicates a notable rise in BTC balance held by 100–1,000 BTC addresses, highlighting strategic positioning in the market by a significant segment.