@dmredacted

The number of Bitcoin wallets holding 100+ $BTC just hit a new all-time high. While there has been massive distribution over the last two years, the coins aren't flowing where people think. This is not a retail accumulation story. In the last year, "shrimps" (<1 BTC) added a negligible 2,363 BTC total. Compare that to the "sharks" (100–1000 BTC) who absorbed 654,723 BTC. That is a 300x difference. We are watching supply move into $9M+ positions, not small accounts. We are seeing a massive transfer of wealth, but the price action suggests we are still bound by historical cycles rather than a supercycle paradigm shift. The October high hit exactly at the 35-month mark typical of previous tops, and price remains stuck below the 50-week moving average.

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