Bitcoin (BTC) is showing renewed bullish momentum, testing the $113,000 resistance level after weeks of mixed market sentiment. This price movement comes as many altcoins gain strength, signaling that the broader crypto market may be positioning for a decisive move. Investors are watching closely, with attention focused on the upcoming U.S. Federal Reserve meeting, where expectations of a potential interest rate cut could influence liquidity flows into Bitcoin and other risk assets.

Simultaneously, the structure of Bitcoin ownership is undergoing a notable transformation. Analyst Maartunn reports that the number of addresses holding more than 1,000 BTC is declining, while addresses holding between 100 and 1,000 BTC are increasing. This trend points to a redistribution of Bitcoin supply, where large holders reduce exposure while medium-sized investors—many tied to ETF custody wallets and institutional strategies—accumulate.

Big Fish Down, Medium Players Up

Maartunn describes this dynamic as “Big Fish Down, Medium Players Up,” reflecting a fundamental change in Bitcoin’s ownership landscape. Historically, when a few whales controlled significant portions of BTC, the market was prone to sharp swings caused by large single-entity decisions.

Now, as supply spreads across a larger number of medium holders, market stability improves. ETF custody wallets in particular offer transparent, regulated, and demand-driven exposure, bridging Bitcoin closer to traditional financial systems.

Institutional adoption is also reshaping supply absorption. From U.S.-based ETFs to treasury strategies in Japan, professional participation now influences distribution patterns after rallies. The result is smoother price action, with less extreme peaks and drawdowns, supporting a more sustainable bull market cycle.

Price Action Signals Growing Momentum

Bitcoin is currently trading around $112,902 on the 12-hour chart after bouncing off the $110K support level. The short-term challenge lies at the 50-day moving average, slightly above the current price, which serves as a critical resistance point. Breaking above this level could open the door to the $115K–$117K range, reinforcing the bullish case.

On the downside, the 200-day moving average near $112K continues to provide support. The convergence of these moving averages creates a narrow trading range, meaning that the next decisive move could trigger a larger breakout. The ultimate resistance remains around $123,217, the local high recorded in August.

Implications for Market Stability

The redistribution of Bitcoin supply has important implications for market resilience. Concentration in fewer hands previously led to higher volatility, while more dispersed holdings by medium players create a liquid and balanced market structure. This trend is particularly positive for institutional and retail investors seeking more predictable trading conditions.

Medium holders and ETF custody wallets also bring regulatory transparency and structured oversight, reducing the likelihood of sudden market shocks. As a result, Bitcoin’s price action increasingly reflects measured accumulation and demand-driven movement rather than speculative frenzy.

Broader Macro Factors

The coming days are expected to be particularly influential due to potential policy changes by the Federal Reserve. Any interest rate adjustments could impact liquidity flows into Bitcoin and other risk assets. A rate cut could fuel a surge in institutional and retail participation, while a hawkish stance might trigger short-term pullbacks.

Investors are advised to monitor both technical levels and macroeconomic indicators. Sustaining above $112K could pave the way for continued upside, while a failure to hold this level may push BTC back toward $110K.

Outlook for Bitcoin Investors

The structural evolution of Bitcoin ownership, coupled with rising momentum, suggests a more mature bull market cycle is emerging. Redistribution from large whales to medium-sized holders, increased ETF participation, and smoother accumulation patterns all contribute to market stability and resilience.

As Bitcoin eyes resistance levels in the $115K–$117K range, careful observation of macroeconomic events and technical indicators will be crucial for traders and investors alike. This ongoing shift toward a more balanced ownership structure may lay the foundation for long-term growth and reduced volatility in the crypto market.