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According to CoinDesk, against the backdrop of continuous outflows of institutional funds in the United States, Bitcoin Whale has accumulated over 270000 BTC (approximately $16.7 billion) in holdings over the past two weeks, diverging from the record outflow of US spot Bitcoin ETFs. On chain data shows that although the spot premium remains negative, large wallets continue to increase their holdings of Bitcoin, and the market is in a structural stage of institutional deleveraging and long-term fund raising.