The cryptocurrency market is experiencing a milestone turning point. As of November 2024, the price of Bitcoin has exceeded the $90,000 mark, showing unprecedented market vitality. Behind this round of gains, deep structural changes in the cryptocurrency ecosystem are reflected. This round of gains presents a unique participant structure. Through blockchain data analysis, it is found that retail investors holding less than 1 Bitcoin have shown a sustained willingness to buy. These small investors have maintained a steady increase in holdings over the past two months, pushing Bitcoin from $55,000 in September to nearly $90,000 in November. This phenomenon breaks the cognitive paradigm of "big players dominating" in the traditional market. It also shows that capital big players basically do not need to raise the price themselves, and retail investors enter steadily. In sharp contrast, "whale" investors holding more than 10,000 Bitcoins are showing a systematic reduction in holdings. This change in market behavior patterns reveals that the maturity of the cryptocurrency investor group is increasing. It looks like retail investors are no longer blindly following the operations of big players, but have formed independent investment judgment capabilities, but in fact they are still following big players. Because in fact, big investors and long-term holders have not reduced their holdings^_^. From the perspective of supply and demand, the market as a whole has been in short supply in the past three months. Data from various investor groups show that in the past 30 days alone, the market has accumulated a total net purchase of 26,000 bitcoins, which exceeds the new supply in the same period. This continuous demand pressure provides a solid foundation for price increases. Of particular note is the change in the behavior of long-term holders (LTH). Compared with the bull market highs in 2017 and 2021, current long-term holders have shown significant differences. They control about 78% of the circulating supply (about 15 million bitcoins) and have only reduced their holdings by about 3% in the recent period. In contrast, in the previous bull market, this group's reduction rate reached 20%. This abnormal stability of holding coins suggests that market participants expect higher price levels. In terms of institutional participation, trading activities on Coinbase, the largest compliant cryptocurrency exchange in the United States, show that institutional funds are actively entering the market.This trend is closely related to the current macro environment: easing inflationary pressure, stable economic growth and loose global monetary policy have provided favorable conditions for risky assets. However, the market also faces some potential technical resistance. At the price of $90,000, the order books of mainstream exchanges show a large number of sell orders, so it is better to be careful with the order placement, and it is better to give a small profit of 500-1000. It is not meaningful to want to set the highest. Big capital may use it to control below $90,000 (I believe that friends who trade stocks have a deep understanding of this). This may limit further price increases in the short term. The option positioning in the derivatives market also suggests that the $90,000-100,000 range may become an important resistance level. From a more macro perspective, the current market structure reflects that the cryptocurrency industry is undergoing a transformation from speculation-led to value investment. The rational accumulation of small investors, the patient waiting of long-term holders, and the prudent participation of institutional funds all indicate that the market is moving in a more mature direction. This transformation not only helps to reduce market volatility, but also lays the foundation for the long-term value accumulation of assets. It is worth mentioning that the large-scale leveraged liquidation phenomenon (about US$940 million in 24 hours) during this round of rise reminds us that there are still significant risks in the market. Investors need to stay sober, avoid excessive pursuit of rising and falling, and build an investment portfolio that meets their own risk tolerance. As the market develops further, how to strike a balance between seizing opportunities and controlling risks will become a continuous problem we face.