Bhutan is selling, but institutions are lining up to buy: Who will be the ultimate winner? On-chain data is exploding—Bhutan's government just transferred another 319.7 BTC. In less than six months, Bhutan's holdings have plummeted from 13,000 BTC to 3,954 BTC, with over $640 million in sell-offs. Meanwhile, MicroStrategy raised funds to scoop up another 2,500 BTC, BlackRock's IBIT pulled in $358 million in a single day, and Morgan Stanley is jumping in with its own ETF. Early addresses may be selling, but the scale of new capital entering the market is on a whole different level. Instead of watching Bhutan's sell orders, maybe it's time to focus on Wall Street's 'money power.'