TechFlow news, May 21 — According to analysis by cryptocurrency research firm 10x Research, early Bitcoin investors, miners, and exchanges are steadily reducing their holdings in 2025. These reductions are not panic-driven sell-offs but calculated portfolio adjustments, with buyers primarily consisting of high-net-worth individuals, hedge funds, and corporate treasuries represented by Strategy.
10x Research noted that large holder exchange deposits remain low and volatility is suppressed. Unlike the retail-driven rallies of 2017 and 2021, the current market exhibits slow, strategic, and institutional characteristics. On-chain data shows that the supply held by long-term holders continues to rise, indicating that this market cycle has not yet ended. The next price target for Bitcoin is projected at $122,000.
