Online reports, according to Bloomberg, according to 10x Research data, large holders have sold more than 500,000 bitcoins (worth more than US$50 billion at current prices) in the past year, which is almost equivalent to the U.S. Bitcoin ETF since its approval. The total net inflow is also not far from the US$65 billion accumulated by cryptocurrency holding pioneer Michael Siler and his company (now Strategy) over the past five years. Many sellers can trace back to the early Bitcoin cycle, when prices were well below current levels. Rather than simply selling, some whales exchange tokens for stock-related assets through over-the-counter transactions. Despite whale sales, ETFs, corporate treasuries and other institutions have absorbed nearly 900,000 bitcoins in the past year. These institutions currently hold approximately 4.8 million pieces, accounting for 20% of the circulation. But observers warn that while institutions bring stability to cryptocurrencies, they may also become the long-awaited exit channel for whales-if market sentiment reverses, retail investors and retired investors may take risks.