On-chain data reveals a notable shift in Bitcoin ownership. Large-holder supply has reached its lowest point since May 2025, indicating a distribution phase by significant investors. These 'sharks and whales,' defined as holding between 10 and 10,000 BTC, have been selling off their positions. This trend contrasts with smaller retail investors (holding 0 to 0.01 BTC), who have been steadily increasing their stake, reaching their highest supply share since June 2024.
While mid-tier holders (0.01 to 1 BTC) have seen their supply increase, the consistent selling pressure from larger entities suggests a lack of conviction in immediate price rallies. Analysts note that without substantial capital support from these major players, any upward momentum in Bitcoin's price may be limited.
At present, Bitcoin is trading around $67,400.