Bloomberg: Early bitcoin holders have sold 500,000 BTC in the past year, if institutional inflows stall or cause a sharp decline

According to Bloomberg, according to 10x Research data, large holders have sold more than 500,000 bitcoins (worth over $50 billion at current prices) in the past year, which is almost equivalent to the total net inflow of Bitcoin ETFs in the United States since they were approved. It is also not far from the scale of the accumulation of 65 billion dollars in the past five years by cryptocurrency positioning pioneer Michael Thaler and his company (now known as Strategy). Many of the sellers can be traced back to the early cycle of Bitcoin, when the price was well below current levels. Some whales did not simply sell, but exchanged tokens for stock-related assets through over the counter.
ETFs, corporate treasuries and other institutions have taken in nearly 900,000 bitcoins in the past year despite the whales' reduction. These institutions currently hold about 4.80 million, accounting for 20% of the liquidity. But observers warn that while institutions bring stability to cryptocurrencies, they could also become a long-awaited exit route for whales - and retail and retired investors could take risks if market sentiment reverses.