Data agency 10x Research shows: Over the past year, Bitcoin whales (including early miners, offshore funds, and anonymous large holders) have reduced their holdings by more than 500,000 BTC, worth over $50 billion at current prices. • This scale is almost equivalent to the total net inflow of the US Bitcoin spot ETF since its approval, and it is also close to the $65 billion position accumulated by Michael Saylor and his company MicroStrategy (now rebranded as Strategy) over the past five years. • Many whales have a very low cost basis, and some are not simply selling off, but are converting BTC into equity through over-the-counter transactions (such as participating in financing deals linked to the public market).
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Data agency 10x Research shows: Over the past year, Bitcoin whales (including early miners, offshore funds, and anonymous large holders) have reduced their holdings by more than 500,000 BTC, worth over $50 billion at current prices. • This scale is almost equivalent to the total net inflow of the US Bitcoin spot ETF since its approval, and it is also close to the $65 billion position accumulated by Michael Saylor and his company MicroStrategy (now rebranded as Strategy) over the past five years. • Many whales have a very low cost basis, and some are not simply selling off, but are converting BTC into equity through over-the-counter transactions (such as participating in financing deals linked to the public market).