Bitcoin’s consolidation near the $100,000 level evidences a significant shift in market structure, characterized by extensive asset rotation within its holder base.
Early adopters and long-term investors are capitalizing on gains prompted by the introduction of spot Bitcoin ETFs, leading to increased sell-offs confirmed by on-chain data analysis.
Simultaneously, spot ETFs are enabling unprecedented institutional access to Bitcoin, attracting a distinct class of buyers focused on long-term accumulation rather than short-term trading.
A trend of corporate treasury allocations is emerging as a stabilizing factor, encouraging a ‘flywheel’ effect where heightened numbers of holders adopt dedicated buy-and-hold strategies.
Evidence underscoring strong institutional appetite shows Bitcoin ETPs dominating the broader crypto exchange-traded product landscape, representing the vast majority of recent $17.8 billion inflows.