Bitcoin (BTC) is nearing the $100K milestone in one of its biggest yearly rallies, but retail investors have missed out on the bull run. The rally was led by whales, while the number of small-scale retail wallets decreased. Many retail investors sold their BTC at lower prices, possibly due to the launch of a new ETF and the use of exchanges. Whales have been accumulating BTC, with strong demand from ETF and corporate buyers. The supply of BTC on exchanges is at a six-year low, indicating dedicated holders preparing to hold for the long term. BlackRock holds a significant amount of BTC, and on-chain transactions are slowing down as BTC is used for reserves and long-term holding.



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