The price of Bitcoin stabilized above the $100,000 level, down only 6% from its all-time high of $111.8 thousand, despite geopolitical and trade challenges, along with the effects of seasonal slowdown.
This stability amid market disruptions may be explained by increased activity from major players, although signs of contraction in the network have begun to emerge clearly.
During the past ten days, the number of wallets containing 10 Bitcoin or more increased by 231 wallets, a rise of 0.15%, according to data from 'Santiment'.
In contrast, the number of small wallets has decreased by about 37,465 wallets, reflecting a gradual withdrawal from individual investors.
This shift in ownership structure aligns with historical signals of a near price recovery, as a decline in confidence among individual traders is often accompanied by a rally led by major investors.
For its part, data from 'Glassnode' indicated a decrease in the number of transactions on the network versus an increase in their value, indicating that institutions and whales are leading the activity through large-value transfers, while contributions from retail investors are shrinking.
In terms of sentiment, the ratio of positive comments to negative ones fell to 1.03, the lowest level since early April.
Such a decline usually indicates peaks in pessimism, which is sometimes interpreted as a contrarian signal for a price rise later.
As for the market structure, supply has become limited to a narrow group of major investors such as ETFs, companies, and institutional funds, amid stagnation in the creation of new wallets and a clear decline in the pace of daily transactions.
Reports from 'Matrixport' indicate that Bitcoin is shifting towards a store of value rather than a means of spending.
