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Research notes

Jamal's public notes on on-chain data, market intelligence, and disciplined crypto research.

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Who Really Owns Bitcoin?
Bitcoin / On-Chain Analysis

Who Really Owns Bitcoin?

Every time Bitcoin dips, the same line spreads: "the whales are selling." But on-chain data tells a more complicated story, one where retail supply is quietly shifting toward institutions, miners carry less weight than before, and ETF cost basis has turned $84K-$85K into a level worth watching.

On-chain dataBitcoin ownershipWhalesMinersBitcoin ETFRealized CapURPDResearch
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