BITCOIN CONSOLIDATES BELOW RECORD HIGH

Summary from the TLDR Crypto newsletter

Bitcoin is trading at approximately $118,000, about 5% below its all-time high. Onchain data reveals unified accumulation across all wallet cohorts, from retail shrimps (<1 BTC) to institutional whales (>10,000 BTC), all registering Accumulation Trend Scores of 1, indicating aggressive buying pressure last seen in November 2024 and May 2025. Small to medium-sized holders alone are accumulating 19,300 BTC per month, significantly outpacing the 13,400 BTC monthly issuance rate and absorbing over 100% of new supply. This widespread accumulation pattern across every wallet size creates a supply squeeze effect, as retail and mid-sized investors alone are removing more Bitcoin from circulation than miners are producing.