BTC is undergoing an ownership transition, with large holders either supporting the coin or selling it. Miners and whales offer long-term holding, but ETFs are currently the source of selling pressure.
BTC is bringing new changes to the balances of large holders. While some categories of wallets emerge as dedicated holders with long-term trust, others are turning into net sellers.
BTC traded at $86.401.82, trading in an environment of extreme fear. The recent market downturn has caused it to break below several support levels. At the current price point, BTC is just above the $84,000 cost basis for ETF buyers, which could lead to further selling by mainstream investors.
At the same time, a new set of accumulation wallets are building up their BTC reserves. Miners have also kept reserves at relatively unchanged levels. BTC is still held in long-term reserves, with whales realizing profits near the peak of valuation and then buying in the lower range.
Institutional investors sell, BTC natives hold
BTC is still in correction territory, having fallen nearly 7% over the past week. These market conditions have given rise to a variety of trends. strategy again Bought 10,000BTC or more. Michael Saylor’s company has been acquiring an average of 640 BTC per day since 2025, down from 785 BTC per day in August.
In this context, analysts are looking to miner and whale holdings for signs of long-term confidence.
BTC miner reserves remained relatively unchanged at 1.89 million tokens. Miners continue to produce blocks even in distress, and sales on Binance are limited. Most miners can afford to hold it because the costs from previous cycles are so low.
or more BTC address 1,000 coins Only about 60 wallets have been sold in the past quarter, which has remained relatively stable. The past quarter saw the creation of another 3,000 wallets with more than 100 BTC, marking new accumulation by the sharks.
Despite the recent sell-off, there is demand to absorb BTC quickly due to increased scarcity.
Why did BTC’s rise stall?
The 2025 cycle had much more favorable conditions for BTC. However, the leading coin once again fell into a long-term decline. 72 days The amount lost from the most recent all-time high.
PlanB, a long-term BTC analyst, gave his opinion on the current price slump. The analyst, known for his stock-to-flow model, believes current sellers are trying to get ahead of another bear market similar to the 2021-2022 crash.
Why isn’t Bitcoin popular?
That’s because 50% are sellers (OGs traumatized by 2021, technical investors focused on the RSI, 4-year cycle fans expecting a 2-year bearish period after the halving) and the remaining 50% are buys (fundamental investors, trade finance, banks).
An epic battle…until the seller runs out of ammo. pic.twitter.com/er7upg25RV
— PlanB (@100trillionUSD) December 16, 2025
The current BTC market still relies on less visible accumulation and spot holders confident of further price records in the coming years. However, BTC is still searching for a local bottom while traders speculate whether the previous four-year cycle is still valid.
Based on the market value to realized value (MVRV) ratio, BTC is currently trading in conditions similar to the 2023 bear market. Short-term bearish predictions are for BTC to fall to $70,000 or even $40,000, and eventually return to the bull market.
