Bitcoin’s supply is becoming increasingly concentrated in patient investors. Data from ARK Invest show addresses that have held the token for at least 155 days now control 74% of all coins, the highest share since the cryptocurrency’s launch 15 years ago. At the same time, a Bitfinex study finds that demand from smaller holders—wallets with fewer than 10 BTC—is outstripping the number of new coins entering circulation. The shift suggests tightening market conditions even after the recent price surge to a record US$123,000. On 14–15 July, holders booked US$3.5 billion in realised gains, according to Glassnode, with long-term investors accounting for 56% of the profit taking. The mixed signals of accumulation and selective selling underscore a more active approach to portfolio management among early adopters. One of the largest individual moves came from a wallet linked to a 2011 solo miner, which transferred 16,843 BTC—worth roughly ¥300 billion—to Galaxy Digital and subsequently to major exchanges, CoinPost reported. The transaction preceded a 3% pullback in the spot price, highlighting the outsized influence of dormant whales even as long-term conviction broadens.