Bitcoin Whales Feast as Minnows Flee 🐳

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It’s a dashed peculiar thing, but Bitcoin, that most mercurial of cryptocurrencies, has been holding steady above the $100K mark, a mere 6% below its all-time high of $111.8K. You’d think, what with the world being in a bit of a pickle, geopolitically speaking, and trade tensions being what they are, that the price would be in a spot of bother. But no, it seems to be ticking along quite merrily.

However, if one takes a gander at the on-chain activity, a rather different picture emerges. It appears that the Bitcoin wallets are showing a bit of a divergence, old chap. The “elite wallets” – those holding 10 or more BTC, and presumably owned by the sort of chaps who wear top hats and monocles – have increased by 231 over the past 10 days. That’s a 0.15% rise, don’t you know.

Meanwhile, the poor old retail wallets, holding between 0.001 and 10 BTC, have dropped by a whopping 37,465. It seems the small fry are getting out of the market, and the big fish are, well, getting bigger. Historically, this sort of thing has indicated that the market is about to get a bit… bullish.

Glassnode, those frightfully clever chaps, have made a similar observation. They’ve noted that the Bitcoin network is seeing fewer transactions, but the ones that are happening are jolly big ones. It seems the institutions and high-net-worth individuals are driving the on-chain activity, and the smaller retail movements are being replaced by high-value transfers. Oh, and sentiment among retail investors has turned decidedly negative. The bullish-to-bearish comment ratios have dropped to 1.03, which is the lowest since April 6th. It’s all a bit… gloomy.

Now, it seems that only a small group of large buyers – mainly ETFs, corporate treasuries, and funds – are absorbing the supply. This has resulted in a bit of a “plateau” in new wallet creation and reduced transactional activity. Matrixport says that Bitcoin is increasingly viewed as a store of value rather than a spending tool. Ah, but what happens when the selling pressure meets the ETF demand? Well, that’s when things might get a bit… interesting.

It seems the market is now seeing the distribution of supply from early miners and mega whales to newer institutional whales. With minimal new retail capital entering the space, these two groups dominate market influence. It’s all a bit of a… well, a bit of a mess, old chap. But do keep calm and carry on, won’t you? 😊

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2025-06-20 13:37