Big players dominate Bitcoin while price stabilizes around $ 104,000

Of Bitcoin Koers has been moving in a relatively narrow bandwidth for weeks, with a striking absence of the well -known euphoria among private investors. Where previous bull markets were powered by a wave of Retail FOMO (Fear of Missing Out), the current market sentiment points to a different dynamic: institutional dominance, decreasing trading activity and a careful balance between supply and demand.

Fewer transactions, more money

Data from Glassnode shows that the number of daily transactions on the Bitcoin network has fallen sharply since the peaks of more than 730,000 a day. The number of transactions is now between 320,000 and 500,000. The decrease is mainly due to a decrease in non-monetary activities, such as so-called ‘inscriptions’ and ‘runes’, which previously urged network use without actually moving value.

Despite #Bitcoin’s elevated price, a clear divergence has emerged between market valuation and network activity. In this report, we explore activity across both on and off-chain markets, and examine how network metrics have changed this cycle.

Discover more in the latest Week… pic.twitter.com/vLhL7sllKK

– Glass Node (@glassnode) June 19, 2025

Remarkably, the total economic value of transactions remains high: on average, around $ 7.5 billion a day is settled on the blockchain. The average transaction size has risen to $ 36,000, with now 89% of all transactions above $ 100,000 – a clear indication that larger parties make up the service. In 2022 this share was still 66%.

At the same time, the transaction costs remain low. Where in earlier bull markets the costs exploded by network congestion, they are now lagging behind, even now that the Bitcoin rate is up to $ 100,000. This combination of low activity and high settling value indicates that institutional parties are increasingly attracting the network.

Resistance among private investors

Santiment reports that the activity of ‘Elite Wallets’ – addresses with large quantities of BTC – is increasing, while that of smaller investors is decreasing. The data show an increasing divergence between these groups. Historically, this is a well -known pattern: when large parties accumulate while retail withdraws, a renewed upward boost in the market often follows later.

Nevertheless, sentiment among private investors currently seems predominantly negative. There are currently only 1.03 positive comments for every negative in public discussions about Bitcoin. In the past, such relationships have often proved to be a contraindic purchase signal. Around 6 April this year, when similar pessimism prevailed, a significant revival of the Bitcoin course followed.

Balanced consolidation on the market

The current lateral movement of the Bitcoin course, with support around $ 104,000, reflects a market in balance. According to on-chain data from cryptoquant, the average of realized profit-the amount that investors actually collect-has been below $ 1 billion for weeks. Even during the record price earlier this year, this figure remained relatively modest.

This reluctance indicates a lack of sales pressure, which co -explains why the price remains stable despite the decreasing demand. This decreasing purchase interest is evident from, among other things, a falling ratio between newly issued coins and coins that are inactive for more than a year. Although this ratio is still positive – a sign of healthy question – the falling trend has been a sign of cooling market interest since May.

Yet the demand is still sufficient to absorb the supply. This creates a fragile balance in which the market consolidates rather than chooses a clear direction.

Option expiration reinforces voltage around Bitcoin course

At the same time, a different dynamic plays at the derivatives markets. Today (Friday, June 20) there are approximately 34,000 Bitcoin option contracts with a combined value of around $ 3.3 billion. The ‘Max Pain’ limit-the price level at which the most option holders suffer-is $ 106,000, just above the current spot price. This can cause price pressure in the run -up to the expiration.

🚨 Options Expiry Alert 🚨

Tomorrow, about $3.9B in crypto options are set to expire on Deribit.$BTC: $3.3B notional | Put/Call: 1.16 | Max Pain: $106K$ETH: $546M notional | Put/Call: 0.68 | Max Pain: $2,600

BTC shows more balanced positioning near max pain, while ETH flows… pic.twitter.com/hBKVTcodeP

— Deribit (@DeribitOfficial) June 19, 2025

According to Deribit, most open positions are concentrated between $ 115,000 and $ 140,000, with more than $ 1.7 billion per strike price. This indicates that many traders still expect an increase, despite the current sentiment among smaller investors.

The PUT/Call ratio of 1.16, however, indicates that there are more short-than lung positions, which indicates slight bearish dominance. According to derivatives specialist Greeks Live, there is currently mainly caution: “Investors are in a wait -and -see attitude, and many look tense at support points around $ 104,000 and $ 100,000.”

Geopolitics and summer silence tuting movement

In addition, the geopolitical unrest comes in the Middle East, which adds extra uncertainty to an already cautious market. The total market value of all crypto currencies fell by around 2%this week, but remains within the channel that has been formed since the beginning of May.

At the time of writing, Bitcoin noted around $ 105,992 – an increase of 1.12% in the last 24 hours. Important support levels seem to last for the time being. Ethereum remains stable above $ 2,500, and most altcoins Move sideways.

It is striking that it is mainly large players who expand their influence. The low volatility, the waiting retail audience and the institutional presence outline a new type of market structure, in which traditional dynamics no longer merge. This points to a growing cryptomarket – in which the role of retail becomes smaller, and that of the large money flows more and more decisive.