Bitcoin’s Bull Cycle Nears Late-Stage Maturity as Whales and Dolphins Drive Demand in 2025

• Is Bitcoin's Bull Cycle Running Out of Steam?
• Who Are Bitcoin's Dolphins and Why Do They Matter?
• What Do the Latest Metrics Reveal?
• Institutional Moves You Can't Ignore
• Expert Predictions: Bullish or Bearish?
• That Mysterious 4,000 BTC Wallet
• FAQs: Your Bitcoin Market Questions Answered

Bitcoin's bull cycle is showing signs of late-stage maturity, with on-chain data revealing strong structural demand from "dolphins" (holders of 100–1,000 BTC) and institutional players. Analysts predict a potential price surge in the coming weeks, though short-term momentum has slowed. Meanwhile, JPMorgan's plans to accept BTC and ETH as loan collateral signal growing mainstream adoption. This article dives into the latest trends, data, and expert insights shaping Bitcoin's market dynamics in late 2025.

Is Bitcoin's Bull Cycle Running Out of Steam?

Recent on-chain data suggests Bitcoin's short-term momentum is cooling, but the long-term outlook remains robust. CryptoQuant analysts note that the current bull cycle exhibits signs of "late-stage maturity" rather than an imminent reversal. This phase often precedes volatile price action, with institutional demand—particularly from "dolphins"—acting as a stabilizing force. In my experience, these transitions can create prime buying opportunities for patient investors.

Who Are Bitcoin's Dolphins and Why Do They Matter?

CryptoQuant defines "dolphins" as entities holding 100–1,000 BTC (roughly $11M–$110M at current prices). These players—including ETFs, corporations, and wealthy individuals—now control(5.16M BTC). Their accumulation patterns historically correlate with price surges. For example, dolphin holdings are still growing above their 1-year moving average, unlike during the 2021 peak. As one BTCC analyst quipped, "When dolphins swim together, whales usually follow."

What Do the Latest Metrics Reveal?

Key findings from Coinmarketcap and TradingView data:

• BTC price: $111,397 (+2.15% 24h, +5.5% weekly, -1.44% monthly)
• ETH price: $3,977 (+3.22% 24h, +5% weekly, -5% monthly)
• Dolphins added ~681,000 BTC YTD while other groups reduced holdings
• 30-day balance dipped below its moving average—a short-term caution flag

Institutional Moves You Can't Ignore

JPMorgan made waves this week by announcing plans to accept Bitcoin and ethereum as loan collateral globally by year-end 2025. They'll use third-party custodians—a smart move given regulators' watchful eyes. This follows their earlier adoption of crypto-linked ETFs as collateral. Morgan Stanley and other Wall Street giants are making similar plays. Frankly, when traditional banks start treating crypto like gold, it's game-changing for mainstream adoption.

Expert Predictions: Bullish or Bearish?

Analysts are divided but lean optimistic:

• Quinn Thompson (Lekker Capital): "The current setup resembles pre-Trump 2024 election opportunities."
• Valter Rebelo (Empiricus): 75% chance of positive BTC returns in Q4 2025, citing a 30-40% open interest spike on October 10.
• BTCC Research Team: Notes that historical mean performance after similar signals is ~25.9% over 90 days.

That Mysterious 4,000 BTC Wallet

Blockchain sleuths at Lookonchain spotted a miner wallet (18eY9o) holding 4,000 BTC ($442M) activating after 15 years of dormancy. The owner moved 150 BTC ($16.6M)—coins originally mined in 2009. While some panic about "OGs cashing out," I see it as healthy market circulation. After all, who wouldn't take profits after a 100,000%+ gain?

FAQs: Your Bitcoin Market Questions Answered

Is Bitcoin still in a bull market?

Yes, but showing late-cycle characteristics. Dolphin accumulation and institutional demand suggest upward potential, though volatility is expected.

What's the significance of JPMorgan's crypto collateral move?

It legitimizes crypto as bankable assets, potentially unlocking billions in liquidity from institutional holders.

How reliable are dolphin metrics for price predictions?

Historically strong correlation, but past performance ≠ future results. Always diversify your analysis.

Should I worry about the dormant wallet activity?

Not necessarily. Early miners periodically sell—it's how markets mature. The amounts moved are tiny relative to daily volume.