Markets don’t simply go up in a straight line. There will naturally be some profit-taking.

Why should the case be any different with Bitcoin? For cryptocurrency, there is an incredibly bipolar character with investors either rushing in or rushing out. There might be an outlier, however.

Retail investors have been slowly accumulating small amounts of Bitcoin at an extremely steady rate. The absolute numbers might seem small. But they do add up. And reserves on spot exchanges are dropping alarmingly fast.

In July's In-Depth report, Copper delves into retail’s accumulation of Bitcoin and assesses the potential market impact of spot markets.