According to Bloomberg, early Bitcoin whales have sold over 500,000 BTC in the past year—worth more than $50 billion—roughly matching net inflows into U.S. Bitcoin ETFs. At the same time, institutional investors, including ETFs, corporate treasuries, and asset managers, have accumulated about 900,000 BTC, bringing their total holdings to approximately 4.8 million coins, or one-quarter of the circulating supply.