“How high can bitcoin go? The real question is how low can the dollar go?” -Patrick M. Byrne
2025 has been a chaotic year for Bitcoin. The “Trump Effect” came and went, carrying Bitcoin from breaking the $100K mark right back down to below $80K at the beginning of April. This correction, coupled with the consistent decline in altcoin value left the crypto sphere in a state of disappointment. However, maxis held their ground and found yet another reason to call bitcoin king- just after about a month and a half of hitting its correctional low, bitcoin reached another ATH nearing $112K in late May, still holding strong above $105K too, whilst most altcoins continue in stagnation.
Although the king of crypto sits strong just above $107,000 as of the time of writing, it did see a slight correction after its run above $110K, dropping to the mid $101K level. So what though? Is that not expected? Perhaps when everyone thought they’d see the ‘God-Candle’ this year, maybe. This doesn’t negate the fact, however, that bitcoin has held strong value against fiat and continues to push upward.
So why is it holding strong while the rest of the industry seems to be faltering? What’s going on behind the scenes? Let’s look at who’s buying and holding.
Institutional Adoption Soars
Institutional adoption of Bitcoin is also at all time highs. Businesses are accepting it AND stacking it, ETF holdings only grow larger. There’s 235 entities identified as ‘Bitcoin Treasuries’ who leverage their holdings as inflation hedges, global payment systems and for its investment performance. This list includes private and public companies, ETFs, exchanges, DeFi projects and a growing number of governments.
Many are saying that Bitcoin has ‘gone mainstream.’ It went from something warned against to something now highly respected and sought after. The tides are changing, and it’s only the beginning.
Institutions hold around 3.4 Million BTC (~17% of the circulating supply). It may not seem like much, but the number grows by the day. These treasuries are stacking more, and more are joining in on the fun.
What Are Retail Traders Up To?
What’s going on with the other 16.5M Bitcoin in circulation? Aside from the estimated lost 1.5M, and the 1 Million that Satoshi holds, and the estimated 1.7M left on exchanges, the rest is either circulating, or is being hedl by the faithful.
There, according to glassnode, currently seems to be a decline in both active addresses and new address creation. Transfer volume remains stagnant, with a slight decrease, absolutely nowhere comparable to the high levels seen in 2021. It seems that less people are interested in Bitcoin, retail traders are cashing out, more people are hodling, and those that are continue to stack, though maybe less than usual due to geopolitical events and economic uncertainty.
54% of the wealth distribution currently belongs to the top 10,000 wallets. Institutions and whales. As of 2023, only 4.5% of active wallets had 1 or more Bitcoin in them. It’s currently estimated that 74% of Bitcoin users hold less than one coin. How much do you have?
Onward and Forward
As institutions continue to scoop up Bitcoin and treat it as a serious financial asset, retail investors are becoming increasingly scarce, cautious, or quietly committed. While attention may shift with market cycles, the fundamentals point to one thing: Bitcoin is consolidating into stronger hands and the value will only continue to go up. Whether you’re a retail trader, a long-term believer, or just starting out, the question remains—will you be a spectator, or will you claim your seat at the table before the next wave?
