The current most core "Big Player List" (Layered view of who is buying BTC)

1. Top-tier players (the true market movers)

1️⃣ ETF giants (largest source of buying)

BlackRock

Fidelity

Grayscale

These institutions are continuously buying BTC through ETFs, with BlackRock's holdings nearing 700k+ BTC (The Motley Fool)

Key point:
As long as ETF funds are flowing in → it’s continuous buying

2️⃣ Corporate "HODLers" (the most aggressive)

Strategy Inc. (formerly MicroStrategy)

Tesla

Block

Strategy alone holds over 700k+ BTC
Tesla still holds about 10k+ BTC

Features:
Not trading, but long-term holding

2. Traditional finance is entering in full force

Latest development (very critical)

Goldman Sachs and Morgan Stanley have started to deploy BTC ETF products

Implication:
Wall Street is turning BTC into a "standard asset"

3. Second tier (following rapidly)

These are the sources of the recent "Big 5" mentioned

Metaplanet

Galaxy Digital

Riot Platforms

Hut 8

Coinb
These companies hold between 10k–40k BTC

Features:
Not the earliest, but accelerating the replication of the Strategy model

4. Hidden players (many overlook)

Governments (e.g., the US)

Exchanges (e.g., coinb, bn)

Custodian institutions (assets for institutional clients)

Global institutions/companies collectively hold over 8% of the total BTC supply

The most terrifying point:
Chips are continuously consolidating

The most critical change is:

In the past:
Retail investors drove the market

Now:
ETF + corporations + Wall Street are driving

A point many people haven't understood: institutions are not "buying because they are bullish," but are doing asset allocation.

The entry of these giants means:

Short-term: not necessarily rising (may even be volatile)

Mid-term: biased upward (supply is locked)

Long-term: structural upward trend