Dolphin Wallets Are Quietly Moving Again
On chain data shows a subtle but critical shift beneath the surface. Mid sized holders often called dolphins are reducing their total $BTC balance while the 30 day percentage change flips negative. Historically, this cohort leads short to mid term volatility because they react faster than whales but carry more weight than retail.
Price remains elevated, yet total dolphin holdings have started to flatten and roll over after a steady multi month climb. That divergence signals distribution into strength rather than fresh accumulation. This setup often precedes liquidity grabs or corrective pullbacks before the next expansion phase. If selling pressure accelerates, expect sharper swings and stop hunts. If accumulation resumes, it could confirm continuation toward new highs.
Smart money is repositioning. Volatility is loading. The next move may be explosive
