Recently, the data platform River disclosed a set of striking data: the total amount of Bitcoin held by ETFs and listed companies has, for the first time, surpassed the holdings of major exchanges. This means that the 'voice' of Bitcoin is gradually shifting from retail investors and exchanges to institutional investors.

Let's break this down and discuss it.

1. Institutions are 'scooping up' assets, confidence is returning

In the past few months, whether it's BlackRock, Grayscale, or other mainstream ETFs, they have been continuously buying Bitcoin. The latest data shows that ETFs collectively hold nearly 776,000 Bitcoins. This is not a small amount of money, but a direct reflection of market confidence.

We know that every round of Bitcoin bull markets is almost inseparable from the push of institutional funds. The inflow of funds into ETFs not only brings in 'regular troops' but also stabilizes market sentiment and boosts confidence.

II. Publicly listed companies: from bystanders to 'players'.

Meanwhile, among the top 100 publicly listed companies holding Bitcoin globally, 8 companies have increased their positions in the past week, and these companies now collectively hold over 1.05 million Bitcoins.

This means that companies are no longer just 'watching the excitement,' but are treating Bitcoin as a strategic asset.
Just as companies used to allocate gold and US dollar bonds, they are now starting to take a share of cryptocurrencies. This is a signal and a demonstration effect—'If the giants are hoarding coins, can smaller companies sit still?'

III. Exchanges 'relocating' warehouses, the market structure is changing.

According to data, the current Bitcoin holdings on exchanges have dropped to about 1.82 million coins, which is a structural signal. As more Bitcoins are transferred to ETFs or corporate cold wallets, the circulating supply of Bitcoin is decreasing.

The impact of this change is twofold:

  • On the positive side, institutions hold for longer periods, leading to fewer short-term sell-offs, which may reduce price volatility;

  • But from a liquidity perspective, it also means that the space for market operations is narrowing, making the supply-demand relationship more susceptible to influencing prices.

In simple terms, coins are becoming less 'liquid' in the market, stability is increasing, but prices may also be more easily driven by capital direction.

IV. Price volatility also breeds opportunities.

Recent Bitcoin trends: from a peak of $120,000 in October, it briefly dropped to $85,000, then rebounded to $93,000.

This V-shaped trend actually reveals two things: first, the market's resilience remains strong and does not break down; second, arbitrage opportunities abound. For short-term investors, this volatility range is an 'opportunity zone'; for long-term holders, the focus is more on the extension of the trend.

V. Conclusion: The winds have changed, and the 'institutionalization' of Bitcoin is officially accelerating.

When the Bitcoin held by ETFs and publicly listed companies exceeds that of exchanges, it signifies that the Bitcoin market is undergoing a profound 'restructuring.'
In the past, retail investors called the shots, now institutions are in control; previously driven by emotions, now data and strategies dominate.

From a macro perspective, this may be an important step in Bitcoin truly becoming a mainstream asset—not through speculation, but through the confidence of capital.

In short: the future of Bitcoin may no longer be on exchanges, but on the ledgers of institutions.
This transfer of power has just begun.

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