boothoscar
@boothoscar
OKG Research pointed out that the divergence of "concentrated holdings + user slowdown" reflects that Bitcoin is evolving from an early trading asset to a structural reserve tool for institutional allocators. Especially after the opening of spot ETFs, a large number of traditional financial institutions and asset management accounts have participated in BTC market allocation in a more covert but stable way through off-chain subscription and on-chain custody.
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