Among BTC addresses, the number of addresses holding more than 1,000 coins hit a new low this year, while the number of addresses holding more than 100 coins hit a record high. Who is buying and selling? Even considering the aggregation wallets such as BlackRock, the data deviation still exists. Holders of more than 1,000 coins are like institutional deposits, and those with more than 100 coins are large holders.

At present, institutional BTC is being transferred to high-net-worth investors. Although the scale is small, the trend has emerged. When the chips are dispersed, market fluctuations will experience the process of "declining volatility-shrinking shock-increasing volatility". Concentrated chips are good for the market, while dispersion increases uncertainty.

Due to liquidity restrictions, whales cannot trade like retail investors. It is expected that the market will experience more violent fluctuations in March at the latest. The financing codes are dispersed, and the prospects are somewhat not optimistic.