Roughly a month after the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded funds (ETFs), a curious trend is emerging: Retail investors are selling, while institutions are gobbling up the supply.
Wall Street Emerging As Bitcoin Whales, Centralization Concerns Raised
This development raises critical questions, with HODL15Capital on X saying that Bitcoin could be on the verge of losing its decentralized spirit to Wall Street whales. This is considering how ferocious they have been buying tens of thousands of the scarce and fixed supply of the coin every trading day.
Sharing data on X, HODL15Capital observes that small Bitcoin holders controlling less than 100 BTC have been offloading in recent weeks, selling over 25,000 BTC in the last month alone. Meanwhile, spot Bitcoin ETF issuers like Blackrock, Fidelity, and Ark have been on a buying spree, accumulating over 53,000 BTC during the same period.
Some analysts attribute this rapid shift in coin buying to issuers’ attempts to accumulate when their management fees are still lower. As of mid-February, spot Bitcoin ETF issuers in the United States are charging among the lowest fees in the world, forcing investors in other parts of Europe and Canada to dump their local spot Bitcoin ETFs and buy those by Bitwise, BlackRock, and the rest.
Beyond the low management fees, Gabor Gurbacs, while responding,
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Author: Dalmas Ngetich
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