Part 4/17:
The demographics of buyers extend across hedge funds, pension funds, and even regional entities like Wisconsin—highlighting an ever-widening adoption base. However, complexities surround who is selling versus buying, with data suggesting some anomalous volume activity. For example, persistent trading volume on Ibett (the Bitcoin futures ETF platform) has not corresponded to actual Bitcoin transfers, raising suspicions of potential market maker manipulations or opacity in OTC and exchange holdings.