In a landmark event for the Bitcoin ecosystem, long-term holders have amassed an unprecedented 800,000 BTC within just 30 days — the largest single-month accumulation in Bitcoin’s 15-year history. According to data from CryptoQuant, this surge marks the highest net growth in dormant tokens (unmoved for over 180 days) ever recorded, signaling a major shift in market dynamics and investor confidence.
This isn’t panic buying during a market dip. These coins were acquired while Bitcoin traded between $95,000 and $107,000, with the current spot price still holding strong above $100,000. The scale and timing of this accumulation reflect a deep structural change in ownership — one driven not by retail frenzy, but by strategic positioning.
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Understanding Long-Term Holders (LTH): It’s About Coin Age, Not Just Addresses
The term long-term holder (LTH) is often misunderstood. It doesn’t refer to a specific type of wallet or investor. Instead, it's defined by coin age — any Bitcoin that remains unspent for more than 180 days is classified as being held by an LTH.
This means the recent 800,000 BTC surge isn’t just about whales moving coins into cold storage. It reflects a broader trend: a silent locking mechanism, where significant volumes of Bitcoin are being held without movement, reinforcing confidence in long-term value.
Historically, such large-scale LTH accumulation has only occurred six times. Each instance preceded or coincided with major market inflection points — suggesting we may be at the edge of another pivotal phase in Bitcoin’s evolution.
The Great Transfer: Whales Exit, ETFs and "Dolphins" Step In
Since May 9, Bitcoin has traded in a tight range around $10,000 — yes, you read that right. Despite briefly touching new highs near $112,000, price momentum stalled. But here’s the paradox: demand remains strong.
Over the past month, Bitcoin ETFs have attracted $3.5 billion in inflows across 12 consecutive trading days, with nine weeks of net positive flows in the last 11. So why no breakout?
Markus Thielen, head of 10x Research, offers a clear explanation:
“Ownership is shifting. We’re not seeing weak demand — instead, strong institutional buying is being offset by large-scale selling from early investors.”
In simpler terms: whales are exiting, but doing so gradually to avoid crashing the market. They’re waiting for ETFs and corporate treasuries to absorb supply.
And who’s buying? Enter the “dolphins” — mid-sized holders with 100 to 1,000 BTC per wallet. According to CryptoQuant, these entities are now the real drivers of demand. While they may appear small individually, collectively they represent massive accumulation power.
For example:
- BlackRock manages around 550 wallets, averaging 1,290 BTC each.
- Strategy (formerly MicroStrategy) controls 490 wallets, holding roughly 927 BTC per wallet.
These aren’t retail investors. They’re institutions using distributed wallets to quietly accumulate thousands of Bitcoin without drawing attention.
Julio Moreno, Research Head at CryptoQuant, explains:
“These are effectively large holders disguising themselves as mid-tier players. Their strategy allows them to build massive positions under the radar.”
👉 See how smart money moves are shaping the next leg of the bull run.
China’s Forgotten Giants: 5 Million BTC Still Held by Early Miners
One of the most overlooked forces in today’s market? China’s early mining giants.
Between 2013 and 2021, Chinese miners controlled up to 75% of global hash rate, mining an estimated 15 million BTC. Even after regulatory crackdowns and mass migrations, these entities still hold at least 5 million BTC — equivalent to over $500 billion at current prices.
In past cycles, these dormant wallets would wake up during bull runs, flooding exchanges with supply. But this time is different.
Thielen observes:
“So far, these old wallets are only releasing what ETFs and companies like Strategy can absorb. They’re not dumping — they’re strategically exiting.”
This controlled release acts as a pressure valve, preventing sudden sell-offs while allowing institutions to scale positions smoothly.
However, not all big buyers remain aggressive. Strategy, once the most aggressive corporate buyer, has slowed its pace due to tighter stock valuations and increasing competition among firms adding Bitcoin to their balance sheets. While still a major player, its influence is no longer dominant.
Market Balance: When Dolphins Outpace Whales
The stability of the current market hinges on one key factor: whether buying by dolphins and institutions outpaces selling by whales.
Let’s break it down:
- Whales (1,000–10,000 BTC): Net sellers since early 2025.
- Retail (under 1 BTC): Also net sellers, likely due to profit-taking.
- Dolphins (100–1,000 BTC): Strong net buyers, especially ETFs and corporations.
As long as inflows from dolphins exceed outflows from whales, prices remain stable — even if they don’t surge.
But Thielen warns of a growing imbalance:
“This dynamic creates a slightly bearish tilt. Without a clear shift in on-chain flows, a breakout is unlikely. Expect continued consolidation until we see stronger buying pressure.”
👉 Learn how to track real-time whale movements and predict market shifts.
Frequently Asked Questions (FAQ)
Q: What qualifies a Bitcoin as held by a long-term holder (LTH)?
A: A Bitcoin is classified as held by an LTH if it hasn’t been moved for more than 180 days. This is based on coin age, not wallet size or identity.
Q: Are Bitcoin ETFs considered "dolphins"?
A: Yes. While ETFs represent massive holdings overall, they distribute assets across many wallets (typically holding 100–1,000 BTC each), fitting CryptoQuant’s “dolphin” category.
Q: Why aren’t Chinese miner wallets selling aggressively this cycle?
A: Unlike previous bull markets, these holders are releasing supply slowly — only as much as institutional buyers can absorb — to avoid crashing the market and maximize returns.
Q: Is retail investor activity driving the current market?
A: No. Retail (wallets with less than 1 BTC) has been a net seller recently. The real demand is coming from mid-tier institutional buyers and ETFs.
Q: Can Bitcoin break higher without whale buying?
A: Yes — if ETF inflows and corporate accumulation continue strongly enough to offset whale selling. Sustained institutional demand can drive price appreciation independently.
Q: How reliable is on-chain data like CryptoQuant’s metrics?
A: On-chain analytics are highly reliable for tracking supply distribution, holder behavior, and capital flows — making them essential tools for informed investing.
Core Keywords
Bitcoin accumulation
Long-term holder (LTH)
Bitcoin ETFs
Whale selling
Institutional adoption
On-chain analysis
Dolphin wallets
Bitcoin market consolidation