Early Bitcoin "whales"—large, long-time holders that include miners, offshore funds and dormant wallets—have liquidated more than 500,000 Bitcoin valued at roughly $50 billion during the past 12 months, according to a Bloomberg analysis. The selling has been met and exceeded by demand from institutional buyers. Bloomberg estimates that exchange-traded funds, corporate treasuries and other asset managers absorbed close to 900,000 Bitcoin over the same period, lifting institutional ownership to about a quarter of the cryptocurrency’s circulating supply. The shift in control toward traditional financial players follows U.S. approval of spot Bitcoin ETFs in January 2024 and has coincided with a steadier price profile; Bitcoin is trading near $109,500, just below its record high. Analysts cited by Bloomberg say the growing presence of regulated institutions may damp volatility and recast Bitcoin from a high-octane trade into a longer-term allocation vehicle.