Bitcoin whales bought $16.7B in two weeks while ETFs bled a record $4B

Large bitcoin holders accumulated $16.7 billion of the coin over a two-week stretch in which spot ETFs shed a record $4 billion in outflows. The paper Wall Street was panic-selling is the paper anonymous wallets were steadily absorbing. The ETF flow is the headline; the address flow is the truth. Every cycle the same trade runs in opposite directions at the same moment — the regulated door exits while the unregulated door fills up. One of them is wrong.