“The dominance of large wallets in the network's Realized Cap indicates that major BTC holders are in a strong position, potentially supporting price stability or even driving future growth…

Onchained's data reveals that wallets holding transactions valued at over $1 million collectively account for $675 billion, making up approximately 78% of BTC's total realized capitalization. This suggests that institutional investors and high-net-worth individuals are playing a dominant role in shaping Bitcoin's current market structure. Tracking UTXO Value Bands, Onchained explains that segmenting BTC transactions into different value categories (such as $1-$100, $1K-$10K, and $1M+) allows analysts to determine which investor classes are actively accumulating or distributing their holdings…

The dominance of large wallets in the network's Realized Cap indicates that major BTC holders are in a strong position, potentially supporting price stability or even driving future growth…

Another crucial insight from Onchained's analysis is the growing involvement of institutional investors. The research suggests that the movement of Bitcoin's Realized Cap within the UTXO Value Bands indicates steady accumulation by these high-value holders.”

What all this means is that the use of Bitcoin as cash and the overall Lightning Network activity is much smaller than the use of Bitcoin as an alternative investment.

Source: Trading View, March 2025.