$BTC

Institutional investors and whales are consistently buying BTC.

US ETFs already hold ~1.29M BTC (~6.15% of supply), BlackRock > US$ 83B in AUM, the number of whale wallets has risen again, and treasuries like MicroStrategy continue to accumulate. The 'regulated channel' (ETFs) has become the main driver of demand, while supply is strictly limited. My reading: a structural allocation trend is underway; pullbacks are opportunities within the cycle.

Note: crypto is volatile; manage risk and investment horizon.

Sources: Bitbo (ETF tracker), BlackRock (IBIT), Cointelegraph (whale on-chain data, based on Glassnode), Glassnode (market flows and structure), BitTheBlock/The Block (ETFs), Reuters (family offices Asia), Coinbase Institutional (institutional research).