The most dangerous $BTC holders:
• MicroStrategy: 2.56% of total supply (~$50B)
• United States: 0.99% of total supply (~$18B)
• China: 0.92% of total supply (~$17B)
If any of them start selling, the market will plunge into chaos.
But ETFs still incredibly bullish.
Over 6% of the total $BTC supply has been accumulated through ETFs:
- The more distributed $BTC becomes, the harder it is to manipulate.
- The more holders — the more resilient it is to market shocks.
ETF inflows might be modest right now, but the market is far from optimal conditions.
