According to Arkham's post on the X platform, ETF issuers including Fidelity, Grayscale, and Ark have recently begun selling BTC. For example, Fidelity saw an outflow of 2,965 BTC yesterday, and BlackRock also transferred 2,544 BTC to Coinbase Prime, which is suspected to be a sales operation.

At the same time, several institutional Bitcoin treasury companies continued to increase their holdings, including Nasdaq-listed companies Empery Digital, Strategy, H 100, Metaplanet, etc.