The Dolphin Game (Patreon)

As I concluded in my video about 7 mths ago re Bitcoin Cohort moves for first time ever it became clear it was a dolphin game, which means most probably treasury companies not retail investors not super whales. This new chart here shows you exactly that.

Dolphins — wallets holding 100 to 1,000 BTC — continue to accumulate aggressively, the whales — holding 10K to 100K BTC — have just resumed accumulation for the first time since March 2025 and July 2024.

After nearly a year of distribution, the big players are stacking again.

Wallets in the 10–100 BTC range are showing mild accumulation, which is already a positive shift.