Cryptoquant's latest report suggests that Bitcoin's bull cycle is maturing, entering a late-stage accumulation phase. Despite a slowdown in short-term onchain momentum, long-term demand remains robust. The 'Dolphin cohort,' comprising mid-to-large Bitcoin holders, now controls 26% of the circulating supply, having accumulated over 681,000 BTC in 2025. Institutional demand continues to underpin Bitcoin's market structure, although retail participation has diminished. Bitcoin currently faces resistance near $115,000, with support at $100,000, as short-term indicators show waning momentum.