Their accumulation trend, which started earlier this year, has now reached levels not seen in Bitcoin’s history, and on-chain data shows the sheer amount of confidence in the long-term trajectory of the world’s largest cryptocurrency.
According to Santiment’s on-chain data, Bitcoin Dolphins now hold around 5.16 million BTC, representing about 26% of the total circulating supply. This share is larger than that of both smaller retail holders (Shrimps and Crabs) and large-scale investors (Whales and Humpbacks). The steady rise in their holdings since early 2025 points to deliberate and sustained accumulation during periods of market consolidation.
The chart below clearly illustrates this behavior, showing a smooth upward trend in Dolphin balances from late April through October 2025. Each brief pause in the curve is highlighted accumulation during minor corrections, meaning that these holders have been taking advantage of price pullbacks to strengthen their positions. This slow but consistent buildup indicates growing conviction rather than speculative trading activity.
The numbers show that Dolphins have accumulated more than 681,000 BTC so far this year. This increase highlights how this group has become the most important in terms of Bitcoin’s supply dynamics. Whales and Humpbacks have shown less aggressive behavior, while Dolphins appear to be absorbing a large portion of the available coins.
Currently, there are about 17,771 addresses within this category, each holding between 100 BTC and 1,000 BTC, and together they account for 25.82% of Bitcoin’s circulating supply. Their collective control of more than a quarter of all Bitcoin suggests a gradual decentralization of supply away from a few dominant holders.
On the other hand, there are 1,971 addresses holding between 1,000 BTC and 10,000 BTC, translating to about 21.32% of the total circulating supply. This data reflects a healthier market balance between institutional and large retail participation.
At the time of writing, Bitcoin is trading at $113,345.
