#数字资产市场动态 There is a common misconception in the cryptocurrency circle — it still seems like retail investors are the main players. But the latest data gives a slap to this perception.

According to statistics, the total crypto assets held by 368 entities have surged to $185 billion. Let’s see who holds this money:

At the corporate level, accounting for 73% — in other words, the main market players have long been firmly in the hands of companies capable of holding long-term positions. Government holdings account for over 25% — even if we consider conservative estimates, the participation of national-level funds is no small number.

What does this mean? Cryptocurrencies have long shed their purely retail investment origins and have become part of corporate balance sheets and sovereign-level participants’ allocations.

The most critical change is here: pricing power has shifted from emotional volatility to capital structure. While the market still fluctuates, the holders supporting the bottom are becoming more stable and less likely to sell.

Simply put: while you’re still watching daily K-lines, the real players locking in the market’s lower limit are those holding long-term chips and determined not to sell.

And now a new question arises — in a situation where chip concentration is increasing, who will be the last to laugh in the next market cycle?

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