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One of the most noteworthy developments is Arc Investment Management’s record day, purchasing 2,200 BTC worth approximately $133 million—a substantial move for a boutique asset manager. Such buying activity hints at a broader institutional shift, particularly from pension funds, which collectively control around $27 trillion in assets. These pension funds are increasingly coming into Bitcoin via ETFs, reflecting a growing diversification into what is perceived as a resilient, scarce asset class.