1d ago
blackrock moved $3b bitcoin into ibit through tax-free in-kind transfers since july. whales avoiding 37% capital gains by converting coins to etf shares they can sell gradually. every bitcoin rally triggers more transfers capping explosive moves. the breakout happens when the $50b eligible for transfer finishes repositioning. we're 6 months into a 12-18 month ownership restructuring that ends with all whale supply already in liquid wrappers.
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