The structure of long-term BTC holdings is experiencing the largest divergence in 10 years, with the share of exchange "whales" exceeding 60%. In the first quarter of 2026, the Bitcoin market appears outwardly calm — the price continues to stay below $70,000, and the fear and greed index has been in the "extreme fear" zone for an extended period. However, underlying data indicate deep structural changes. According to SEC disclosures, Strategy (, formerly MicroStrategy), increased its holdings by over 88,000 BTC in the first quarter, with its total portfolio now totaling around 762,000 coins; the average purchase price is approximately $75,696. Meanwhile, the "whale" ratio on exchanges has exceeded 60%, reaching a decade-high, while retail investor engagement has dropped to the lowest level in the same period.