Dolphins Accumulate as Whales Distribute, Signaling a Structural Shift in Bitcoin Demand

According to data shared by CryptoQuant, on-chain behavior over the past year shows a clear redistribution of Bitcoin supply between different investor cohorts. The chart highlights a growing divergence: mid-sized holders, commonly referred to as dolphins, are steadily accumulating Bitcoin, while large holders, or whales, are gradually reducing exposure. source: https://www.ethnews.com/dolphins-accumulate-as-whales-distribute-signaling-a-structural-shift-in-bitcoin-demand/