Bitcoin At $105K: Data Shows Retail Investors Buying as Larger Players Take Profit

• Bitcoin, trading near $105K, sees retail buying as large wallets/LTHs reduce holdings.
• Long-Term Holder Net Position Realized Cap dropped $26B by end of May 2025.
• TRON (TRX) hit record monthly volume; Binance saw $1B stablecoin net outflows.

Bitcoin’s recent rally, which saw prices test levels past $110,000, has raised questions about the composition of buyers sustaining such surges. 

On-chain data shows that retail investors are playing a larger role in this phase of the market cycle, while long-term holders and large wallets appear to be scaling back.

Retail Investors Drive Recent Bitcoin Activity as Large Holders Distribute

Recent accumulation and distribution trends show a marked contrast between different Bitcoin wallet groups. Addresses holding between 1,000 to 10,000 BTC have been reducing their holdings as Bitcoin climbed from $81,000 to above $110,000. These wallets distributed their positions over the past two months, signaling profit-taking behavior.

However, smaller wallets holding between 100 and 1,000 BTC have increased their holdings. These accounts frequently bought throughout the rally, taking in sell pressure and contributing to …

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