The lineup of Bitcoin buyers is quietly changing hands, according to a recent observation from SALT founder and SkyBridge partner John Darsie. He didn't touch on price or set any specific thresholds—his focus was squarely on who's buying and who's selling.
According to The Block, Darsie said the shift in Bitcoin's holder structure is part of the market's broader maturation process. The statement wasn't backed by data, nor did he name specific institutions or groups entering or exiting the market—but the direction was clear: the profile of early holders is being diluted or replaced.
As for what this "maturation" actually points to—whether it's a rising share of institutional holdings, growth in long-term holders, or a shift in off-exchange capital structure—Darsie didn't elaborate in his public remarks so far, leaving the details and timeline still to be filled in.
