Bitcoin's recent rally reveals an interesting dynamic: large-cap buyers are driving the move while retail participation remains subdued. On-chain data shows small-buyer demand has turned negative, suggesting the uptrend may lack broad-based support. When major rallies rely heavily on whale accumulation rather than grassroots demand, the foundation becomes vulnerable to sudden reversals. This concentration of buying power among institutional and large players typically results in more brittle market structure, making the next pullback a critical test of whether this momentum can sustain.