Bitcoin: Is the price rising with new purchases from Dolphin holders?

Bitcoin: Is the price rising with new purchases from Dolphin holders?

On October 25, 2025, the Bitcoin market landscape shows both exciting opportunities and potential risks for investors. According to FXStreet, so-called Dolphin holders, which include wallets with 100 to 1,000 BTC, hold around 26% of the total circulating supply of Bitcoin (BTC). This group plays a crucial role in the current market cycle and has historical significance for the price direction of Bitcoin.

Since the start of the year, these Dolphin holders have massively increased their holdings and now control over 5.16 million BTC, increasing to over 686,000 BTC. This shows that they have provided important support for prices over time. Historically, Bitcoin prices tend to rise when these holders start accumulating and correct when they start selling.

Current market developments

However, in recent months, buying pressure from Dolphin holders has waned, driven by deleveraging events and general price declines. In order to maintain the previous bullish trend and possibly reach new record prices, it is necessary for the monthly accumulation rate of these holders to increase again. The coming weeks are seen as crucial as renewed accumulation could take Bitcoin to new highs, while stagnant activity brings a higher risk of a significant correction.

What is particularly significant is that Bitcoin's Liquidity Inventory Ratio (LIR) has fallen to 8.3 months. This indicates that current market liquidity is not sufficient to meet expected demand in the long term. However, the decline in liquidity coupled with increasing demand from long-term holders could create a favorable environment for price increases in the medium term.

Price development and forecasts

As of today, Bitcoin is trading at around $110,900, up slightly by 0.4% at the time of publication. This price adjustment could reflect the trends described and spur potential investments in Bitcoin if Dolphin holders can resume their accumulation. The financial environment remains tense and market players are eagerly watching developments in the coming weeks, which are crucial for future price developments.

Overall, the Bitcoin market remains a dynamic and rapidly changing environment, presenting both opportunities and challenges for investors and traders.