Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Bitcoin is beginning to show signs of renewed bullish energy, with the price testing the $113,000 resistance level after weeks of mixed sentiment. The move comes as many altcoins are gaining strength, suggesting that the broader crypto market is preparing for decisive action. The next few days are set to be crucial, as investors eagerly await the upcoming US Federal Reserve meeting, where speculation is building around a potential interest rate cut. Any monetary policy shift from the Fed could significantly impact liquidity flows into Bitcoin and risk assets.
At the same time, the structure of Bitcoin’s investor base is changing. According to top analyst Maartunn, the number of addresses holding more than 1,000 BTC has been declining rapidly in this cycle. Meanwhile, addresses holding between 100 and 1,000 BTC are on the rise. This shift highlights a redistribution of supply, where large entities appear to be reducing exposure while smaller but still significant players increase their holdings.
Maartunn explains that the current “Big Fish Down, Medium Players Up” dynamic highlights a fundamental shift in Bitcoin’s ownership structure. This transition reflects a supply redistribution, where massive concentrations of Bitcoin in the hands of a few whales are giving way to medium-sized players, many of whom are linked to ETF custody wallets and institutional investment structures.
This development carries major implications for the market. When Bitcoin is concentrated in fewer hands, price action can be vulnerable to abrupt swings triggered by large single-entity decisions. By contrast, supply spread across more medium players tends to create a more resilient and liquid market structure, less prone to outsized shocks. ETF custody wallets, in particular, represent a more transparent, regulated, and demand-driven form of holding, aligning Bitcoin closer with traditional financial infrastructure.
Unlike previous cycles, institutional involvement is now playing a decisive role. From ETFs in the US to treasury strategies in Japan, institutional adoption has reshaped how Bitcoin supply is absorbed after each rally. Instead of chaotic peaks followed by sharp drawdowns, the market now shows stretched-out tops and segmented distribution phases.
This structural evolution could mark a turning point for Bitcoin, where long-term sustainability increasingly outweighs speculative frenzy, setting the stage for a more mature bull market cycle.
