Whales' Record Profits Fuel Demand for Spot Funds Amid Institutional Buying Frenzy

Whales have taken over $614 million in profits from Bitcoin and XRP sales amid record demand for spot funds, particularly those led by BlackRock. The digital asset market has seen a shift in dynamics as retail profit-taking is being balanced by large institutional purchases.

The current interest from U.S. spot funds remains the main driver of demand, with daily net inflows into spot Bitcoin ETFs totaling $314.37 million for seven consecutive days. This trend continues to support the market's overall architecture, which has already been rebuilt around long-term institutional capital.

Despite stable capital inflows, the market is still experiencing local selling pressure. However, this pressure is being offset by large funds quietly absorbing available supply through private in-kind exchanges. BlackRock's IBIT fund has recorded over $5 billion in such transactions, exceeding its initial growth rate.