According to 10x Research, whales have sold over 500000 bitcoins in the past year, valued at over $50 billion at current prices. meanwhile, ETF、 Over the past year, fund management companies and other institutions have collectively absorbed nearly 900000 bitcoins. Currently, these entities hold approximately 4.8 million bitcoins, with around 20 million bitcoins in circulation. That is to say, institutions and companies hold approximately one-fifth of the total circulating Bitcoin.