Whales holding 100–1000 Bitcoins have open interest that remains above their 1-year MA, indicating that the bull run may not be over yet.

[Whale] Holdings of 100–1000 Bitcoins have continuously remained above their 1-year MA, indicating that the bull run may not be over yet. According to CryptoQuant data, “dolphin” investors holding 100–1000 Bitcoins have consistently stayed above their 1-year moving average and increased their holdings by 681,000 Bitcoins in 2025, suggesting that the bull cycle may not be over.

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