Long-term Bitcoin holders reached record accumulation in the last month by acquiring 800,000 BTC, highlighting the changing dynamics of the cryptocurrency market.
Record Accumulation by Long-Term Holders
According to CryptoQuant, long-term Bitcoin holders recorded the largest single-month accumulation ever in June 2025, scooping up 800,000 BTC over 30 days. These coins were purchased when Bitcoin traded between $95,000 and $107,000, with prices still holding above $100,000. When a coin remains in an address for over 180 days, it is categorized as long-term. This indicates increased interest from investors beyond just large holders.
Market Drivers: ETFs and Dolphins
Since May 9, 2025, Bitcoin has shown little movement, remaining in a $10,000 range. Meanwhile, Bitcoin ETFs attracted $3.5 billion over 12 consecutive trading sessions. However, these successful inflows did not lead to significant price changes. Markus Thielen, head of 10x Research, noted a shift in ownership is taking place, and real demand is absent due to offloaded sales from megawallets. Wallets holding between 100 and 1,000 BTC, dubbed dolphins, are actively accumulating Bitcoin as larger holders slowly offload their assets.
Long-Term Chinese Miners Hold Bitcoin
Historically, the majority of Bitcoin was controlled by Chinese mining operations, producing up to 15 million BTC. Today, these miners still hold at least five million coins. In previous bull runs, these dormant wallets would sell onto exchanges, but currently, they are holding tightly, only releasing as much Bitcoin as ETFs and firms like Strategy are prepared to buy. Despite some slowing in acquisition pace for major players like Strategy, dolphins continue to actively acquire Bitcoin in the market.
Although a current price stability and ambiguous actions from major holders persist, the observed accumulation of long-term holders and ETF activity signals potential changes to market dynamics moving forward.
