Bitcoin wallet concentration just hit a fresh milestone—addresses holding at least 100 BTC have reached an all-time peak. Yet here's the plot twist: this surge isn't coming from a wave of new money entering the market.

The real story lies in how existing capital is reshuffling. Yesterday alone, 100 BTC transfers flowed out from institutional custody solutions into self-managed wallets. More intriguingly, some hefty positions worth 2,000 BTC were fragmented into smaller 100 BTC chunks across multiple addresses.

What does this signal? It suggests major holders—likely institutions repositioning their Bitcoin strategy—are consolidating smaller holdings or reallocating reserves rather than accumulating fresh from the market. This kind of on-chain movement often precedes strategic moves in institutional Bitcoin strategies.