According to CoinMeta, there have been recent changes in the largest holders of Bitcoin. Specifically, among addresses holding between 100 and 1000 BTC, the number in the US spot Bitcoin ETF market increased from around 14,000 to over 18,000 after its launch, but this growth has recently slowed down and entered a stable phase. In contrast, the number of addresses holding between 1,000 and 10,000 BTC has dropped to around 1,900, indicating that this group continues to shrink despite the rebound in Bitcoin prices. The number of largest addresses holding between 10,000 and 100,000 BTC has plummeted since 2024 and has recently stabilized at around 80 to 85 addresses, with a slight rebound. It is worth noting that not all large holder groups have expanded evenly; some have stabilized, while others continue to lose addresses. Bitcoin is moving between these different balance groups, and as entities accumulate, distribute, or restructure their holdings, the distribution of these balances may also change due to ETF and exchanges' custody structures. The current trend suggests that the expansion of the 100 to 1,000 BTC group has lost momentum, so it will be important to watch for any new waves of accumulation in the future.