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Even influential figures like Elon Musk, Saylor, and companies such as MicroStrategy continue to buy and hold Bitcoin, amplifying its legitimacy and demand.
The Off-Exchange and On-Chain Data
Despite some outflows from Grayscale’s holdings, on-chain data reveals significant accumulation by whales and sharks—wallets holding between $10,000 and $110,000—have achieved their highest Bitcoin share since July 2023. These entities are actively stacking Bitcoin, fueling the price increase. Meanwhile, stablecoin reserves (USDC and Tether) used for buying Bitcoin have significantly declined, indicating persistent and robust accumulation, not selling.