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

Golden Finance reports that CryptoQuant data shows that “dolphin” investors holding 100–1000 Bitcoins have continuously maintained above their one-year moving average, and increased their holdings by 681,000 Bitcoins in 2025, indicating that the bull run cycle may not be over yet.

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