- Bitcoin wallets holding 100–1,000 BTC are the only group showing consistent accumulation behavior in the first half of 2025.
- Whale addresses with over 1,000 BTC have distributed more than 546,000 BTC since July 2024, continuing a four-year trend.
- The Dolphin cohort showed similar buying patterns in 2021 and late 2024, which previously preceded major upward movements in Bitcoin prices.
Bitcoin accumulation in 2025 is being led by a specific group of holders, while others appear to be offloading their assets.
Mid-Sized BTC Holders Increase Accumulation
Joao Wedson shared a detailed on-chain analysis revealing that addresses holding between 100 and 1,000 BTC are currently the only group consistently accumulating Bitcoin. These addresses—often referred to as “Dolphins”—have shown a steady increase in holdings throughout 2025.
This pattern is tracked using the Accumulation Trend Heatmap Cohort, which compares the net change in Bitcoin balances to the previous 60 days. The latest data confirms that these mid-sized wallets are the primary buyers in the current market, potentially signaling preparation by experienced entities such as funds or companies.
According to Wedson, historical data shows that this same group began absorbing large volumes of BTC just before the April 2021 rally. A similar surge occurred in December 2024. Back then, Bitcoin later reached new all-time highs, even with reduced accumulation in the months that followed.
Whale Distribution Continues Unabated
In contrast to the activity of mid-sized wallets, the balance of BTC held by large addresses—those with over 1,000 BTC—has seen a sharp decline. Since July 2024, these addresses have collectively distributed over 546,000 BTC.
This decline in whale balances has been ongoing since early 2021, following Tesla’s announcement of a $1.5 billion Bitcoin purchase. This trend raises questions about the composition of top-ranking addresses, with suggestions that exchange wallets might dominate the list, affecting interpretation.
Such consistent distribution from large holders contrasts starkly with the accumulation observed in the Dolphin cohort and may reflect broader structural or custodial shifts.
Dolphin Cohort’s Behavior Mirrors Historical Trends
A closer look at the Dolphin cohort’s historical accumulation reveals patterns similar to past market cycles. When these addresses began accumulating aggressively in April 2021 and again in December 2024, Bitcoin entered new bullish phases months later.
The recent data shows a rapid rise in balances held by the 100–1,000 BTC group. Wedson suggests this shift deserves closer attention, especially given past market outcomes.
An upcoming post will explore historical flows from large to small addresses, such as those seen on Coinbase in 2018, to further examine Bitcoin’s current holder distribution.
