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.
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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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