According to Odaily, CryptoQuant CEO Ki Young Ju recently stated on X that institutional demand for Bitcoin in custodial wallets is increasing. Over the past year, 278,000 BTC have flowed into U.S. spot ETFs, with 80% of these being retail investors. In contrast, 670,000 BTC have moved into whale wallets, which are defined as holding more than 1,000 BTC and exclude exchanges and mining pools. This indicates that institutional demand in custodial wallets is twice that of retail demand.
Ju further explained that these whale wallets are a superset of custodial wallets. Since most ETF wallets hold less than 1,000 BTC, he believes they accurately represent custodial wallets.
