‍#Bitcoin Divergence Deepens as Dolphin Holdings Rise While Demand Growth Breaks DownBitcoin on-chain structure is showing a clear divergence between mid-sized holder positioning and broader market demand. Dolphin cohorts continue expanding their total $BTC balances, with holdings recently pressing toward new cycle highs despite weakening price momentum. The 30-day change in balances remains structurally positive, reinforcing that this group is still absorbing supply rather than distributing into strength.

However, the pace of accumulation is beginning to moderate. Monthly percentage change across Dolphin holdings has started to compress, signaling that while balances continue rising, the intensity of buying is slowing. This transition typically emerges during consolidation phases, when cohorts shift from aggressive expansion into more passive absorption while awaiting renewed market catalysts.
Demand conditions, in contrast, have deteriorated far more sharply. Apparent Demand (30-day) spiked aggressively during the last impulsive rally but has since reversed deeply into negative territory. The scale of this drawdown reflects a material cooldown in spot absorption, suggesting recent inflows were not sustained long enough to maintain upside continuation.
Breaking demand into structural components reinforces this slowdown. ETF inflows, which previously acted as a dominant marginal bid, have flattened, while Strategy-related accumulation has also stabilized after earlier bursts of expansion. With institutional demand no longer accelerating, the divergence between ongoing Dolphin accumulation and weakening aggregate demand creates a transitional market structure where supply is absorbed, but upside momentum remains capped until demand growth reaccelerates.
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