Regarding the holdings of coins by various institutions: BlackRock's address is public, and they are accustomed to using 300 coins per address, over 2600 addresses, usually starting with bc1q, for a total of 77w BTC The address of Fidelity is also publicly available, with 1k BTC per address, totaling 45W BTC The holding addresses of old money in the Americas and Europe can also be traced. They like to buy with institutional white gloves, which are slower to buy, but they are all diamond holders who are not dispersed and accustomed to enlarging their addresses. The total scale is 300000 BTC Asian funds mainly come from Hong Kong and Singapore, BTC paper holders like to sell BTC and buy ETH, and their style is influenced by OG who fled from mainland China. They have the most runs this time, and their BTC holdings are very small, not exceeding 50000. ETH holds over 500w positions, which is very huge Market makers such as Wintermute/Jane Street hold relatively small amounts of Bitcoin, typically holding no more than a few thousand. The white glove who likes to use institutional advantages to manipulate the market and sell user assets on the platform. WM has been hoarding coins recently and hasn't sold much. It seems that the BTC trend has been re evaluated (or the platform is losing money and wants to buy it back) mstr， Finally, MSTR currently holds 74w BTC, which is different from institutional behavior. These addresses are hidden very discreetly, hidden in addresses below 200 coins, and are difficult to detect on the chain. I once doubted the authenticity of these coins. But it's very difficult to fake. My personal guess is that Saylor may be the white glove of a giant institution or wealthy individual, responsible for at least part of the coin buying function, thus requiring a high level of privacy. Mstr is definitely not as simple as it seems Above~