Recently, I noticed an interesting phenomenon: the number of small Bitcoin wallet holders is steadily increasing, but the price rebound seems weak and underwhelming. The number of wallets holding less than 0.1 BTC has already hit a new high this year. Even though these retail investors are actively participating, their influence still seems insufficient.

What truly drives the market is those big holders. Data shows that large wallets holding 10 to 10,000 Bitcoins have, instead, been reducing their positions since last October, which creates an awkward situation—small retail investors are buying while big holders are selling. This split has led to a clear tiering in the structure of Bitcoin wallets. Although the price of Bitcoin has been hovering around more than $70,000, without support from large holders, rebounds are easily pushed back down.

In simple terms, retail investors have already done their part; what’s now needed is a shift in the attitude of the big holders. If big holders don’t stop distributing, or if they instead begin accumulating, this kind of segmentation in Bitcoin wallet holdings will continue to constrain the room for price growth. Small investors are waiting for the big holders to join in.