Something important happened in 2025, and it’s easy to miss if you only look at price.

Businesses added roughly 489K BTC.
Funds and ETFs added about 205K.
Governments added another 135K.

At the same time, individuals reduced holdings by nearly 700K BTC.

That’s not noise. That’s redistribution.

Retail tends to react to volatility. Institutions tend to accumulate through it. When you see coins moving off individual balance sheets and onto corporate and sovereign ones, it usually means conviction is shifting toward longer time horizons.

This doesn’t guarantee upside tomorrow. But it does change the structure of the market.

Fewer emotionally reactive holders. More balance-sheet-driven capital.

We’ve seen similar transitions in past cycles — supply consolidating quietly before the next expansion phase.

The bigger takeaway isn’t who bought.
It’s who stopped holding — and who stepped in to absorb it.

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