Bitcoin is holding firm above $87,000. Price action may appear flat, but under the surface, the market is undergoing a clear structural reorganisation. The flow of supply — not the noise of short-term price — reveals who is accumulating, who is exiting, and who remains in control.

This report examines two distinct on-chain developments: the ongoing transfer of supply between wallet cohorts, and the conviction signal delivered by Reserve Risk. The evidence points not to distribution, but to controlled accumulation beneath consolidating price.