Bitcoin Whales Transfer Holdings to ETFs as Distribution Phase Emerges

Large Bitcoin holders are selling direct cryptocurrency positions to gain exposure through exchange-traded funds, according to Dr. Martin Hiesboeck of Uphold on November 9. The shift offers tax advantages under U.S. regulations and provides a mechanism to legitimize previously undisclosed holdings. Long-dormant wallets have transferred billions in recent months as institutional inflows into spot Bitcoin ETFs accelerate market distribution.