The market structure of Bitcoin is evolving with a significant decline in addresses holding over 1,000 BTC, dropping from 2.5 million to 1.8 million since 2019. Smaller holders are accumulating more BTC, which rose to 12 million in 2024.

Mid-tier holders (100-1,000 BTC) are stabilizing the market. Their numbers have increased from 300,000 in 2010 to 1.2 million in 2024. Their active role has been crucial during Bitcoin’s price fluctuations, aligning with accumulating trends.

Bitcoin exchange outflows reveal reduced selling pressure, suggesting a bullish sentiment. Sustained outflows over the past three years indicate long-term holding, while macroeconomic factors are aligning with Bitcoin’s price movements, emphasizing the role inflation plays.