Bitcoin Enters Late-Stage Accumulation — Dolphins Hold the Next Move

Bitcoin (BTC) may be nearing the final stretch of its bull cycle, but on-chain data suggests the rally isn’t over yet.  In its latest report, blockchain analytics firm CryptoQuant says the market is in a late-stage accumulation phase, where institutional investors remain the key force sustaining demand even as short-term momentum fades. According to CryptoQuant, Bitcoin is shifting from a period of distribution by early profit-takers to accumulation by stronger hands, led mainly by exchange-traded funds (ETFs), corporate treasuries, and large private holders. The firm points to the behavior of what it calls the “Dolphin cohort”, wallets holding between

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