The Silent Game of the Major Holders: Deciphering Bitcoin's Hidden Moves

As Bitcoin remains trapped in a consolidation range between $85,000 and $92,000 — currently trading at $90.87K — an invisible battle is unfolding beneath the surface of the market. By the end of 2025, on-chain data paints a fascinating picture: while prices stagnate, major investors are weaving a different strategy. This contrast between the visible market apathy and the silent action of the cryptocurrency “sharks” reveals a lot about where smart money is truly flowing.

The aggressive accumulation of “Sharks”: signals of institutional money

Glassnode data reveals that mid-sized wallets — those holding between 100 and 1,000 BTC — have intensified their net purchases over the past few months. This group, commonly called “Sharks,” not only maintains their positions but actively expands their exposure. Records show that approximately $23.5 billion in Bitcoin was accumulated during this period, marking new highs in the total amount of coins held by these addresses.

What explains this counterintuitive behavior? While retail investors hesitate and prices fluctuate without clear direction, large holders see an opportunity. The consolidation currently affecting Bitcoin — trapped in a narrow technical range — has historically preceded significant moves. These players do not improvise; they act with information and patience.

It’s important to note that some factors may influence these metrics: portfolio restructuring within exchanges and the consolidation of custody addresses could alter the figures. However, the overall pattern is unequivocal: institutional money continues building positions while most remain hesitant.

Gold and silver steal the spotlight: capital rotation

Over the past six months, the narrative has dramatically shifted toward traditional assets. Gold has appreciated by nearly 38%, while silver has staged a spectacular rally, surpassing 100% gains. Bitcoin, in contrast, retreated about 17%, reducing its market value from $1.815 trillion (with 19.97 million BTC in circulation).

This divergence is no coincidence. It reflects a change in investor psychology: in times of global uncertainty, safe-haven assets — the “traditional refuges” — attract massive flows. However, this temporary rotation does not eliminate institutional interest in cryptocurrencies.

Bitcoin ETFs: the silent support that persists

Despite headwinds on prices, positive net flows into Bitcoin spot ETFs in the United States maintain their pace. This persistence of institutional demand in the infrastructure is revealing. It indicates that although prices wobble, the asset class — and the infrastructure supporting it — remains relevant for sophisticated operators.

Technical consolidation: the prelude to volatility

From a technical perspective, Bitcoin is in a critical phase. After retreating from highs above $110,000, the cryptocurrency now oscillates between $85,000 and $92,000. Prolonged consolidations in bullish cycles are often precursors to explosive moves. With 55.36 million active holding addresses, Bitcoin’s distribution remains relatively healthy, with the top 10 holders owning only 5.97% of the total supply.

The full picture: patience versus unease

Bitcoin’s current narrative is only contradictory if we look at the surface. Beneath, major investors are accumulating, ETFs are generating positive flows, and technical consolidation deepens. While gold shines and makes headlines, Bitcoin remains in a period of silent building. Market reversals in the cryptocurrency space often surprise with their magnitude and speed, especially when accumulation has been happening unnoticed.