BTC price has surpassed the $110,000 mark. Despite geopolitical tensions and tariff-related news creating uncertainty in the overall market environment, reasonable operations can still seize the opportunities brought by this round of rising trends.

In this round of market, retail participation is low, and the dynamics of large holders have become key indicators of price fluctuations.

Although BTC price has reached a historical high, traditional retail participation indicators remain surprisingly sluggish, causing many traders to miss out on this round of increases. This round of market activity largely lacks the driving force of retail funds. Unlike the enthusiastic atmosphere and emotional exuberance seen in previous bull markets, this rise clearly lacks retail momentum. Funding rates remain low, retail trading activity is extremely low, and the performance of other mainstream crypto assets is also generally lagging.

Unlike previous bull market cycles, the current proportion of retail in the BTC holding structure is no longer increasing. This contradicts a widely held view that BTC is still in the early stages of absorbing billions of new users. On-chain data shows that a large amount of circulating BTC is being continuously absorbed by a few whale-level wallets.

As this trend accelerates, clarifying how enterprise-level demand drives price behavior and its continuation cycle has become key to market judgment. Continuously monitoring on-chain data and wallet activity will help gain insights into the evolution of the holding power structure and identify key price ranges where large holders may enter or reduce their positions.

BTC ownership transfer is ongoing, and the market's long-term allocation intentions are evident.

In this round of market activity, retail is essentially absent, which well explains why funding rates and trading volumes remain sluggish. We are witnessing a quiet and orderly transfer of BTC ownership—from early users, investors, miners, and exchanges, gradually shifting towards a new generation of institutional investors represented by MicroStrategy. This structural change further indicates that the demand for call options remains weak, and implied volatility also stays low.

The current round of increases is primarily driven by sustained accumulation in the spot market, rather than speculative derivative trading, reflecting the market's long-term allocation intentions rather than short-term speculative emotions.

In sudden market pullbacks, some traders often suffer significant losses due to misjudgments. The key to losses is not necessarily closing positions in a panic during a sharp decline—this approach can be reasonable in certain cases. The real issue is that they fail to identify potential pullback risks in advance, and even when relevant warning signals have appeared, they still choose to ignore analytical conclusions.

Disclaimer: The market carries risks, and investment should be approached with caution. This article does not constitute investment advice. Trading in digital assets may involve significant risks and volatility. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions made based on the information provided in this content.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。