hedge funds sold 31,400 BTC through spot ETFs in Q1 and cut another 39% in Q2. brokers dumped 53% of positions. looks like conviction selling until you realize most of these were basis trade unwinds, not directional exits. they were long ETF short futures harvesting funding spreads. when funding collapsed the trade broke and they closed both legs mechanically. that selling has a ceiling. they're running out of inventory to dump. meanwhile citi just disclosed its first BTC position ever. JPM and wells fargo adding. banks accumulated 7,800 BTC in Q1 to reach 15,200 total. quarterly mandate PMs puking positions at loss into the 200-week MA so banks with 10-year horizons can open first-time allocations. that's a generational rotation happening in real time