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PG_LyTrader
$BTC ETFs now hold 1,270,753 BTC — about $96B at today's price.
blackrock's IBIT alone holds 801,241 of those. one fund controls 63% of all ETF bitcoin.
when people panic about "ETFs selling", they're usually watching one desk rebalance, not the market leaving.
zoom out. the structural bid is still the largest holder of new supply.

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