BTC bull cycle enters late-stage maturity as whales, dolphins return to markets

On-chain data revealed on Thursday that Bitcoin’s short-term momentum is dropping, while its long-term structural demand remains strong. CryptoQuant also acknowledged that Bitcoin’s bull cycle shows signs of late-stage maturity rather than a definitive trajectory.

According to the analytics firm BTC dolphins, which comprises ETFs, corporations, and large holders, these entities remain the primary drivers of Bitcoin’s current demand structure.

CryptoQuant believes that the next few weeks could see a reacceleration in the dolphin cohort’s accumulation, which it expects could push BTC to new highs. The firm also argued that a continued slowdown in the digital asset’s price risks deepening its recent correction.

CryptoQuant predicts surge in Bitcoin’s price

The bull cycle isn’t done yet.

Dolphin holdings (100–1K BTC) are still growing above their 1-year MA — unlike the 2021 peak.

It suggests ETF and treasury demand remains strong. pic.twitter.com/bJCtG5Z4Sy

— CryptoQuant.com (@cryptoquant_com) October 23, 2025

CryptoQuant defines a dolphin as an entity holding a balance between 100 and 1,000 BTC. On-chain data revealed that dolphin addresses currently hold the largest share of Bitcoins. They represent 26% of BTC’s supply, which is approximately 5.16 million Bitcoin.

According to CryptoQuant, the concentration of holdings in dolphins suggests that their behavior plays a decisive role in shaping Bitcoin’s market direction. The analytics firm noted that a growing accumulation from the cohort historically aligns with a surge in Bitcoin’s price. At the same time, a slowdown often precedes distribution or correction phases in prior cycles.

On-chain data showed that BTC dolphins have maintained institutional dominance by adding around 681,000 Bitcoins this year so far, while other groups have reduced their holdings. The trading and market analytics firm also issued a near-term caution, noting that the 30-day balance has dropped below its 30-day moving average, which signals a decrease in short-term demand.

“The current setup for Bitcoin and Ethereum is rare. Opportunity ahead is similar to pre-Trump victory ‘24.”

–Quinn Thompson, CIO of Lekker Capital.

Valter Rebelo, head of digital assets at Empiricus, said on Thursday that he believes there’s a 75% chance that Bitcoin’s return in the next three months is positive. The analyst supported his prediction after the 30% to 40% rise in open interest seen on October 10. He also noted that BTC’s mean performance in the next 90 days is around 25.9%.

At the time of publication, Bitcoin is exchanging hands at around $111,397, up 2.15% in the last 24 hours. BTC has also surged by more than 5.5% in the past week, but is down roughly 1.44% in the last 30 days.

On-chain data showed that Ethereum has surged by 3.22% in the last 24 hours to $3,977 at press time. ETH’s price has increased by nearly 5% over the last 7 days, but it has also decreased by more than 5% over the last 30 days.

On-chain data showed that a Bitcoin miner wallet holding 4,000 BTC (roughly $442 million) has been activated for the first time after being dormant for nearly 15 years. Lookonchain revealed that the wallet (18eY9o) transferred 150 BTC (around $16.6 million).

The digital assets were mined in 2009 and stored in the wallet in 2011. The movement signals a potential rotation or selling of the digital assets, with on-chain data showing significant realized profits in the wake of higher Bitcoin prices.

JPMorgan plans to allow BTC and ETH collateral for loans

Cryptopolitan reported on Friday that JPMorgan Chase & Co. plans to allow its clients to use Bitcoin and Ether holdings as collateral for loans by the end of 2025. The financial institution also confirmed that the initiative will be available globally and will use a third-party custodian to secure the virtual assets. 

JPMorgan previously accepted crypto-linked ETFs as collateral, signaling the bank’s growing integration of digital assets into mainstream finance. The bank’s initiative follows the recent shift in U.S. crypto regulations, which has been encouraged by the current U.S. administration, prompting banks to expand their crypto services. 

Morgan Stanley is also mirroring JPMorgan’s move after it announced plans to let its customers access digital assets next year. Other firms, including State Street, BNY Mellon, and Fidelity, offer custody services to their clients.

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