The holdings of whales owning 100–1000 bitcoins remain above their 1-year moving average, indicating that the bull market may not be over yet.
According to Jinse Finance, CryptoQuant data shows that "dolphin" investors holding 100–1000 bitcoins have consistently remained above their one-year moving average and accumulated 681,000 bitcoins in 2025, indicating that the bull market cycle may not be over yet.
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