While retail investors continue to sell, the world's top donation fund, Harvard University, is frantically buying Bitcoin ETFs. The Harvard University Endowment Fund has significantly increased its holdings in the BlackRock Bitcoin ETF (IBIT) amid market turbulence. As of September 30, the number of shares held has risen by 257% compared to June, reaching 6,813,612 shares valued at $442.9 million, a substantial leap from the beginning of the year when the holdings were $116 million. IBIT has become its largest holding.

Harvard is not an isolated case; institutional funds are continuously flowing into IBIT. Currently, over 1,300 funds hold this ETF, including giants like Millennium Management ($1.58 billion), Goldman Sachs ($1.44 billion), and Capula Management ($1.39 billion).

Sovereign wealth funds such as Abu Dhabi are also increasing their allocations, holding $500 million worth of IBIT, making IBIT the second largest Bitcoin holder in the world, only behind Satoshi Nakamoto's address.

Analysts at MacroScope emphasize that the actions of Harvard and sovereign wealth funds reflect important long-term capital flows beyond short-term volatility, indicating that Bitcoin is evolving from a retail investor speculative asset to an institutional allocation asset, and its structural market changes can no longer be ignored. $BTC