Despite recent price swings, Bitcoin's bullish trend remains unbroken, with blockchain data showing that major investors continue to accumulate, according to a
FXStreet report
. The analysis points out that the "Dolphin" group—wallets containing between 100 and 1,000 BTC—now holds 26% of all Bitcoin, totaling 5.16 million
BTC
, and has consistently fueled previous upward cycles. Although this group's short-term buying has slowed, experts believe the market is in a mature phase of the cycle rather than at its conclusion, as outlined in a
BeInCrypto analysis
.
Tesla Inc. and SpaceX, both under Elon Musk's leadership, continue to retain significant
Bitcoin
assets. Tesla's Bitcoin, worth $1.31 billion, brought in an $80 million profit in Q3 2025 thanks to price gains, according to a
TheCoinrise report
. The company has neither bought nor sold Bitcoin since 2022, keeping its spot as the 11th-largest corporate holder, as noted by FXStreet. Meanwhile, SpaceX's stash—8,285 BTC valued at $1.02 billion—has increased even after a 70% reduction in 2022 during the crypto downturn, as reported by TheCoinrise. These holdings highlight ongoing institutional trust in Bitcoin as both an inflation hedge and a liquid alternative to cash, a point discussed in BeInCrypto's analysis.
The introduction and expansion of Bitcoin and
Ethereum
ETFs in 2025 have further cemented institutional involvement. U.S.-based BTC and ETH ETFs now oversee more than $175 billion in assets, with BlackRock's iShares Bitcoin Trust (IBIT) alone managing $86 billion, according to an
a16z report
. This development has brought greater price stability and deeper market liquidity, with ETFs now representing 6.81% of all BTC in circulation. Experts anticipate this momentum will persist, potentially doubling institutional holdings within two years, as the a16z report indicates.
CryptoQuant cautions that Bitcoin's next major move depends on the pace of Dolphin accumulation. This group's yearly increase of 907,000 BTC surpasses the 365-day average of 730,000 BTC, reflecting robust market fundamentals, according to a
Benzinga report
. However, the Liquidity Inventory Ratio (LIR) has dropped to 8.3 months, suggesting there may not be enough liquidity to meet short-term demand, as FXStreet observes. For Bitcoin to challenge $126,000 and set new records, analysts emphasize the importance of renewed accumulation, as noted by BeInCrypto.
The a16z 2025 State of Crypto report describes a $4 trillion market propelled by stablecoins, ETFs, and advances in blockchain scalability, as detailed in the a16z report. Stablecoin transaction volumes now exceed $46 trillion annually, strengthening the dollar's global influence. At the same time, XRP's potential for growth is linked to ETF approvals, with estimates suggesting that capturing half of Bitcoin ETF inflows could drive its price to $18.42 per token, according to a
Coinedition analysis
.
Bitcoin's outlook remains optimistic despite short-term hurdles, with corporate reserves, ETF growth, and Dolphin accumulation supporting long-term optimism. While brief corrections may occur, the market's underlying strength—reinforced by institutional activity and clearer regulations—indicates that the bull market is still ongoing, as concluded by FXStreet and BeInCrypto.
