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Ownership Shifts Network Growth Macro Stress
Several structural shifts are unfolding
Ownership
• Businesses, funds, and governments increased BTC holdings in 2025
• Retail ownership declined
• Small wallets accumulating again
Network: • Hashrate up 28%
• Lightning volume > $1B monthly
• ETH validator queue: 3.7M waiting to stake, minimal exits
Capital Markets: • Dragonfly closes $650M fund
• ProShares launching GENIUS Money Market ETF
• CME preparing 24/7 futures
Macro Overlay: • US debt projection: $64T by 2036
• Fed rate uncertainty
• Mortgage rates falling to 6.01%
This is transition phase behavior:
Ownership consolidates while infrastructure strengthens.
Compression builds structural pressure.