Something very telling is happening in the BTC network right now:
the number of wallets with a balance of 100 BTC is reaching historical highs.
This is important not because of the record itself, but because of who is buying.
The 'distribution of coins' existed — but not the way everyone imagined.
For two years, we were told the story about 'retail is entering the market and collecting 0.01 BTC.'
Sounds nice, but the numbers say otherwise.
In a year:
• 'shrimps' (<1 BTC) have gathered a funny 2363 BTC,
• 'sharks' (100–1000 BTC) added 654 723 BTC.
This is 300 times more.
To help you understand the scale:
a wallet in the category of 100 BTC — this is not 'someone bought more on the spot'.
This is from $9 million+, meaning capital that randomly does not buy.
Is this a new paradigm? Or just the old good phase of 'great cleansing'?
The data can be twisted however you want, but it currently turns out like this:
• large capital absorbs coins,
• retail is almost not participating,
• the cycle peaks were formed again in the 35th month — as in previous cycles,
• the price is still below the 50-week average.
So the picture looks more like a classic cycle, just in a version 'on steroids for large wallets'.
Bitcoin has illustrated the cycle. Altcoins — no. And that's the main point.
The OTHERS/BTC pair is currently at 2019 levels.
Where the market was still in a coma.
So we have a very strange moment:
Bitcoin has practically completed its classic cycle.
Altcoins — haven't even started.
